The New York Stock Exchange began the week sharply lower, financial operators responding to a disappointing employment statistic published last Friday. The U.S. economy has created, in fact, significantly fewer jobs than expected in March. This poor statistic questioned investors on the ability of the United States to stimulate the overall worldwide growth.

Although likely to revive the controversy over the need for the Fed to opt for new measures to support the economy, this statistic has ended the unfazed upward trend of the first quarter 2012. Meanwhile, concerns about the debt situation in Europe, high tension of Spanish interest rates, have only accentuated the consolidation of the SP & 500. In addition, U.S. financial investors remain wary about China, which could suffer a hard landing.

The start of earnings season will confirm or not the beginning of consolidation. We can note that the group Alcoa pleasantly surprised last night operators by publishing a quarterly profit.

Technically, the dynamics of the S&P 500 became bearish in daily data below the 1390/1400 points threshold coinciding with the 20-days moving average and the break of the uptrend (drawn in blue on the chart). However, the weekly trend remains bullish at the moment. Only a break of the key level of 1335/1340 points tested repeatedly in daily data and corresponding to the 20-week moving average would lead to a larger correction to 1300 and 1265 points.