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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Friday, April 20, 2012

SP 500 (SPX) Technical Analysis 2012.04.20

The price evolved in the last couple of weeks in a bullish channel that seems to have a corrective slope.

The better than expected earnings of US companies are now less important than the worse numbers in jobless claims and high yields in Spanish bonds.

Technically speaking, the mid-term correction (started early in this month) is still in progress and another wave down could be soon triggered. The target (measured in 3 different ways) is in the $1,321-$1,327 area but before that there are the $1,358 and $1,340 support levels. 


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