FundamentalOverviewThe S&P 500 sold offpretty aggressively on Friday following the weak USFlash Services PMI and later the Final UMich Consumer Sentiment surveywhere the long-terminflation expectations jumped to a new 30-year high. The bulk of the selloffcame after the jump in the long-term inflation expectations. The market mightbe fearing that in case we get a slowdown, the Fed might not be fast enough incutting rates amid inflation remaining above target and uncomfortably high long-terminflation expectations.Of course, one single datapoint might not be enough to get a bigger correction in the stock market, especiallysince it’s from the University of Michigan survey and since we are about to seea tick lower in the Core PCE Y/Y rate to 2.6% on Friday. Nonetheless, this issomething to keep in mind in light of the next NFP and CPI reports coming outbefore the March FOMC decision where we will also get the updated SEP and DotPlot. S&P 500Technical Analysis – Daily TimeframeOn the daily chart, we cansee that the S&P 500 pulled back from the all-time highs following a coupleof negative data. The sellers will likely continue to push into the closest supportaround the 5960 level, while the buyers will look to buy the dip around thoselevels to position for a rally back into the all-time highs.S&P 500 TechnicalAnalysis – 4 hour TimeframeOn the 4 hour chart, we cansee that after the strong selloff on Friday, the price bounced near the minorsupport around the 6020 level as the dip buyers stepped in with a defined riskbelow the level to position for a rally back into the highs. The sellers, onthe other hand, will look for a break lower to increase the bearish bets into the5960 level next.S&P 500 TechnicalAnalysis – 1 hour TimeframeOn the 1 hour chart, there’snot much else we can add here as from a risk management perspective, the buyerswill have a better risk to reward setup around the 6020 support to position fornew highs, while the sellers will look for a break lower to extend the dropinto new lows. The red lines define the average daily range for today.UpcomingCatalystsTomorrow we have the US Consumer Confidencereport. On Thursday, we get the latest US Jobless Claims figures, while onFriday we conclude the week with the US PCE data. This article was written by Giuseppe Dellamotta at www.forexlive.com.