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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Tuesday, January 31, 2012

S&P 500 follows bearish scenario

S&P Index traded yesterday mostly below $1,313 key level and the previous analysis ( still stands as T1 trend line is now acting as resistance.

The previous support zone, between the $1,310 and $1,313 levels is now current resistance and prices below 1,310 will confirm the bearish scenario.

If this scenario will turn out to be correct, the first support is in the $1,300 area (yesterday’s lows), followed by $1,250-$1,265 support area.

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