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).

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Tuesday, May 22, 2012

S&P 500 - reached the tagret and is set for a bounce. 2012.05.22

The target on S&P ($1,292) has been reached on Friday, as expected since May 11th, when a Head&Shoulders pattern has been completed.

The strong bounce of yesterday (+1.60%) proved the investors reversal sentiment from a key support zone. The Greek problem has been put on hold until the mid of June, when new elections are planned. This three week period could turn into a rally on the major international markets, especially if the US economic data, the FED and the EU officials will sustain the growth.

The first important resistance comes at $1,325 but the bounce could easily travel towards the $1,350 area in the up coming weeks.

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