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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Wednesday, December 21, 2011

SP 500 Technical Analysis 2011.12.21

The hourly chart of the S&P index shows a nice rally started from that double bottom I was talking about yesterday ( and now is having a correction as the outcome of the ECB news a few hours ago.

There is a strong support in the $1,220-1,230 area that concerns the 50.00% and the 61.8% retracement levels and also previous lows and highs. An eventual reverse in this area will activate the 1,266 target for the long side.

I am not saying that this is must, all I am saying is that one should pay attention to the price action in this area in order to spot a good trade.

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