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 10, 2012

Where is S&P 500 heading now?

The S&P Index break through the $1,282 resistance, after the T1 trend line acted as a support, as expected in the previous analysis (

The daily chart (left) shows the bigger picture, where the ascending move, started in early October, is, the most probable, a corrective wave 2, formed of a double zig-zag.

Late October highs are acting now as resistance in the $1,295 area and, on the hourly chart (right) T2 and $1,320 level are the most significant targets. If bulls will fail to reach these targets than the end of wave 2 will probably end.

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