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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Monday, May 28, 2012

S&P500 Index direction. 2012.05.28

S&P 500 Index closed last week up by 1.74%, creating though a local bottom in the $1.292-$1.300 area.

As mentioned in previous analysis, the short term resistance is at $1.325 and an eventual break of it will set the market for further growing towards the $1,353 level which represents the 50% Fibonacci retracement of the May decrease.

In spite of the overall negative sentiment in Europe, the market could raise until the new elections in Greece that will take part in the middle of June.   

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