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, May 11, 2012

S&P 500 direction. 2012.05.11

The long term chart of the S&P Index shows a complete Head&Shoulders pattern. The price broke the neckline three days ago and it triggered a sell signal.

The classic target of a H&S pattern is at $1,295. Other important supports in the $1,300 area are: 38.2% ($1,290) retracement level of the October – April rise; October 2011 local high at $1,292; $1,300 psychological (round) level.

The short term perspective for the index is neutral, as the bulls reacted in the $1,340-$1,350 support area. 

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