Market Technical View is a blog that mostly concerns the technical analysis of different financial instruments like indices, commodities, stocks, ETFs and currencies.

All the posts are structured in 3 main chapters that can be found in Content, in the upper right-hand corner of the blog.

Market perspective. The technical approach consists of chart patterns and important support/resistance zones. The purpose of this section is to give directions of the price on short and medium term (a few days up to a few months).

Trading setups. The analysis posted here will provide trading scenarios based on different technical tools.

Romanian Market. This is a section dedicated to Romanian stocks and indices.

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Friday, November 18, 2011

S&P 500 Technical Analysis 2011.11.18

S&P index closed yesterday in the main support area, around the 1,220 area, therefore following the preferred scenario posted on nov. 1st analysis: .

The consolidation of the past three weeks (started on the 26th of oct.), above the 1,220 level, looks like a continuation pattern now but the internal structure leads to a more bearish scenario.

Bottom line is that, even if wave 2 (corrective blue) is not finished yet the main move will be down, set to complete wave 3 (blue) that can easily travel well beyond early October lows, in the 1,090 area.   

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