Market Technical View: Technical Analysis for S&P 500 Index 2011.12.22

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.

Thursday, December 22, 2011

Technical Analysis for S&P 500 Index 2011.12.22

Excellent break-retest-continuation pattern in the S&P price action of the previous days. As I expected, 1,223-1,229 was a strong support that reversed price towards the long side, at least on the short term.

Furthermore, the longer timeframe chart sets the bias for a longer up-swing, with good chances of breaking the early December highs, in the 1,270 area. For the moment this is the first target.

See here wednesday, dec. 21 post: http://markettechnicalview.blogspot.com/2011/12/sp-500-technical-analysis-20111221.html