By Licia Leslie
February 28, 2025
Hi Shoppers,
The market isn’t looking so pretty this week.
Once that bull flag failed last Friday, we have gone straight down.
The S&P 500 (Ticker: SPX) is down 4.2% and sitting on support with a big red candle created yesterday.
Now this morning we have the Personal Consumption Expenditure data coming out which the Fed regards as a key indicator and a good measure of inflation.
It can move the market.
The expected number is 3% or unchanged from last month.
If the SPX begins to trade below $5860, our next level of support comes in at $5779.76 and $5751.
I have resistance on the upside at $5946.
Trade Review
I last wrote that Energy Transfer (Ticker: ET) had a nice dragonfly doji with confirmation. It came down with the rest of the market yesterday. As long as it maintains a close above $18.95, the chart stays intact.
Thank You For Reading … See You Next Tuesday,
Licia Leslie
Licia Leslie
Head of Technical Analysis
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