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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Thursday, March 8, 2012

SP 500 Technical Analysis 2012.03.08

The S&P Index is set for a deeper correction after it broke below the lower limit of the channel.

The closest resistance is at the $1,359.2 and the bears are probably waiting for a better price to sell. The one thing that can keep the prices up will be the agreement of the private creditors over the Greek debts.

Technically speaking, the market seems to have started a broader correction that will find support in the Fibonacci retracements levels (1,336.6, 1,,310.9, 1,290.2, 1,269.5).  

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