CONSOLIDATION DAY

Monday in early hours all major indices rose sharply after the opening bell, but couldn’t sustain their gains and turned into red. Yesterday was a consolidation day and the 3rd positive day hasn’t come.

• Dow -0.1%
• S&P 500 -0.2%
• Nasdaq - 0.5%
• Russell 2000 - 0.9%

The sell-off wasn’t driven by any particular news and the volume was really moderate. All in all that was a real quiet day. The DJIA and SP500 remain on track for gains this year DJIA +2.5% and SP500 +6.3%.

Technically the SP500 is still in its downtrend. To break this correction the price needs to close first above the 1.960 key resistance level. Over this level starts only the bullish territory.

The BFM Assets Team.