SPX, DXY, BTC, ETH, BNB, XRP, ADA, SOL, DOGE, MATIC

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The United States nonfarm payrolls increased by 263,000 in September, marginally below the Dow Jones estimate of 275,000, but the unemployment rate dropped to 3.5% compared to the forecast of 3.7%. 

Some analysts believe the report shows that the jobs market remains strong in spite of the Federal Reserve’s efforts to slow down the economy and that could encourage the Fed to go ahead with another aggressive rate hike in its next meeting in November. This led to a sharp fall in the U.S. equities markets on Oct. 7.

Daily cryptocurrency market performance. Source: Coin360

Although Bitcoin (BTC) has traded in close correlation with the U.S. equities markets for most of 2022, it could change in the second half of the year and Bitcoin could “shift toward becoming a risk-off asset, like gold and US Treasury’s,” said Bloomberg Intelligence senior commodity strategist Mike McGlone in the Oct. 5 Bloomberg Crypto Outlook report.

Let’s study the charts of the S&P 500 index, the U.S. dollar index (DXY) and the major cryptocurrencies to determine the short-term price outlook.