CLOSE TO ALL-TIME HIGHS

All in all the last 2-3 weeks were great in US indices and we have experienced a nice V-shape recovery, the Dow has gained 7.9% from its mid-October closing low, and the S&P 500 has advanced 8%. We have come so fast within the last two weeks. Yesterday the rally stopped for a while; however the DJIA advanced again and stays close within striking distance of all-time high. The stock markets are slightly muted so far this week, after weeks of wild trading.

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Yesterday data:

• DJIA +0,1%
• SP500 -0,3%
• Nasdaq -0,3%

We have had a massive rally so recently the market does some consolidation, which is normal, the market a bit tired by now. Technically the 2,010 key support level was tested yesterday in S&P 500, so we could see more gains this week. But we don’t see honestly at which price might the rally finish and is impossible to name any resistance level due to the record levels. What we see the bullish momentum is strong and valid for more weeks further.

The BFM Assets Team.