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, April 5, 2012

SP 500 Technical Analysis 2012.04.05

Technically speaking, there are 2 strong support lines on S&P Index that will trigger the sell signal if they are breached.

On the mid-term (the last 4 months), the market evolved in a rising wedge (between T1 and T2) and the violet support line is also very important for the near term.

The sideways market in the last 5 weeks, created after a period of rising trend, shows the indecision of the investors and it could mean a distribution.

To sum up, there are high chances for an intermediate correction that could travel down to the 50% retracement level ($1,289) where the October highs were also created.   

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