The Tigers had taken a deserved lead in the first-half through Fraizer Campbell as they were able to frustrate the home side. Two goals in the second-half from Wednesday striker Gary Hooper then turned the game in the home side's favour with just five minutes remaining.
However, Hull captain Michael Dawson equalised in the fifth minute of injury time as his effort found the back of the net via the post to stun the home crowd and claim the Tigers a vital point.
Slutsky explained in the post-match press conference how he now understands what Hull's problem is. He said: "I try to analyse the game and now I understand our problem because when we score a goal, we stop playing and try to keep this result."
He added: "First-half we played really well, we controlled the game (and) we scored. I do not remember (many) clear cut chances from Sheffield. Second-half we play deeper and deeper because we try and keep our result because we do not have the confidence."
Investment is badly needed in January
There is no doubt that Hull's squad is currently not big enough to deal with the demands of the Championship and this is something Slutsky eluded to in his post-match conference. He feels that he needs to add a presence upfront and two centre-backs in January to ensure his side are more competitive.
He said: "We need a big forward and maybe one or two centre-backs. We do not have these possibilities (to play more direct)."
Slutsky again pointed out how big a miss Abel Hernandez is to the team as his versatility gives him some more options in the final third. He said: "We had Hernandez. He is very versatile. When we miss a big forward, all three forwards are the same."
It remains unclear whether Slutsky will be backed with funds to spend in the January transfer window or whether he will still even be manager of the club by then. Protests among the club's support surrounding owner Assem Allam continued in today's match with the away fans voicing their displeasure at the way the club is being run throughout.
Slutsky admitted that he is unsure whether funds will be available in January or not. He said: "I do not know (if I will be backed). Now each match is very important for us, for me and now for me (it is) very difficult to think about the future. We did not speak about money (or) about transfers."
He added: "He wants to understand our situation in the league before January and it depends on our situation."
A big couple of weeks ahead
With the Tigers currently sat just three points above the relegation zone, the next couple of weeks in the lead up to Christmas could be pivotal. They face Brentford, Cardiff City and Leeds United in their next three games which could decide Slutsky's future at the club.
There is no doubt that today's result will help the mood in the dressing room after some poor recent results and the Tigers now have to try and build on this result by ending their winless run.
Slutsky felt that Dawson's late equaliser was "very important" and that it has resulted in "a good atmosphere in the dressing room" which will be vital in the coming weeks if Hull are to drag themselves away from danger.
There is no doubt that the Tigers have been unfortunate in recent games, with the 3-2 defeat to Bristol City having been 2-0 up at half-time being the most recent disappointment. This is a key reason behind why Slutsky believed his side deserved their late equaliser at Hillsborough.
He said: "Of course (it was deserved), deserved today and deserved overtime because a lot of matches we had unlucky results and conceded at the end of the match."