The SPX slid 2.61% for February to end at 3,970.15 points, final figures showed on Tuesday, closing out a turbulent month marred by hotter-than-expected inflation data and concerns over the Federal Reserve's rate hikes.
Last Friday, the SPX posted its worst weekly performance since early December 2022, with Fed concerns continuing to grow after the minutes of the monetary policy committee's gathering earlier in the month showed that some policymakers had favored raising the key rate by 50 basis points rather than the 25 basis points the central bank finally went with. On top of that, market participants grappled with yet more stronger-than-expected inflation data in the form of the PCE price index report for January.
Yesterday, as first day of march, the SPX break down last Friday's low by 1 point and pull back a little bit before market close, which gave a red doji on daily chart and will likely to test 3940ish level again in next couple days.
Yields and inflation are the narrative for the trade.
TSLA
is tight. Watch which way it resolves the next two days also. 