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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Monday, November 28, 2011

S&P 500 Technical Analysis 2011.11.28

The S&P Index finally achieved the symmetrical triangle target at $1,151 set at the beginning of previous week ( ).

Moreover, the target represented a key reversal level as the S&P is currently trading 36 points (3.10%) higher. The first resistance is set now by the 38.2% Fibonacci retracement of the decline started in mid-november.

This rally has good chances to continue, although the current trend is down, with lower lows and highs. The main resistance is in the 1,213 area, represented by previous lows and by the 50% retracement level. This is only a reference as I cannot see the price action yet. 

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