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, May 24, 2012

S&P 500 direction. 2012.05.24

The S&P 500 Index reversed exactly in the H&S target level at $1.292 a few days ago.

Even though the Greek concerns are the main focus of the markets, the current prices seem to be oversold, at least on the short term.

In case of a continuing recovery, the targets are measured by the Fibonacci retracement levels of the down swing started in early May. The resistances are: $1.325, $1.340, $1.353 and $1.368. 

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