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, February 15, 2012

S&P support levels to watch: $1,340 and $1,331

The main support on the S&P Index still stands in the $1,331-$1,340 area after Tuesday’s session.

The closest resistance is represented by the highs of the previous days, in the $1,354 area and the mid-term bullish channel is framing the market. 

Even if the resistance will be breached, the fail to reach the T2 resistance line will prove the bullish weakness and an eventual break of the lower border of the channel will set the market for further decline, at least on the short term.

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