S&P 500 futures signal risk-off mood amid recession fears

S&P 500 E-mini futures point to continued risk aversion following Friday's volatile NFP-driven session that saw initial gains reverse on recession concerns. The index closed 0.2% lower after whipsawing between gains and losses as traders digested mixed employment data implications. While softer job numbers initially boosted rate cut expectations, supporting risk assets, concerns about economic slowdown ultimately dominated sentiment. The defensive market positioning is impacting forex markets, with safe-haven currencies like USD and JPY finding support against risk-sensitive pairs. AUD/USD and NZD/USD face downward pressure as commodity currencies typically underperform during risk-off episodes. Technical analysis shows S&P futures testing support at 5,420, with resistance at 5,480. A break below support could accelerate haven flows into USD and CHF. Traders are monitoring equity futures as a key risk barometer that could drive forex positioning this week.