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.

Search This Blog

Tuesday, November 29, 2011

S&P 500 Technical Analysis 2011.11.29

The S&P Index ( retraced more than 40% of the previous decline after the triangle target was achieved ( ).

The main resistance is in the 1,212 area, as there has formed a confluence of three important lines: T1 trend line, 50% retracement and horizontal resistance set by previous lows.

The medium trend is still bearish (since late October) as lower lows and highs are created and the chances are that this trend should continue.  I am looking for a reversal in the 1,212 area or even lower if the bulls will fail to reach it. This will prove bearish strength and the 25th nov. lows will be the first target. However, this is scenario is not infallible and we need further confirmation of the price action. 

No comments:

Post a Comment