PANCAKE PATTERN

US indices closed in mix Tuesday and doing almost nothing after one day break of Labor Day in U.S. Market was flat like a pancake.

• DJIA: -0.18%
• NASDAQ: +0,39%
• S&P 500: -0,07%

The day was kind of consolidation after achieving record price the S&P on Friday and it is still staying above the 2,000 key level. The index during the session hit an intraday record at 2,006 then turned into red later. Pulling back slightly after a great rally of August, the previous month had the largest monthly increase since February.

What is the outlook for September? Historically is not the best performing month.

In terms of techinal analysis the S&P 500 is on historical record so we couldn’t say really nothing. But the DAX is so interesting, on the chart there is a "Cup and Handle" pattern and if the neckline is taken at 9,600 easily might rally up to 10,000 within a week easily. For sure we don’t have any clue when will happen the breakout, to be honest we are horrible market predictor and timer, but for sure will happen.

The BFM Assets Team.