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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Wednesday, May 9, 2012

SP500 Support at $1,360. 2012.05.09

The S&P closed yesterday above the main support level of $1,360, after the bears dominated the first half of the session.

The bulls managed finally to keep their bids high until the end of the session and they formed a hammer type of candle that usually anticipates a rising move when it occurs at the end of a down swing.

Having all the Europe uncertainty in mind, a reaction is possible and the targets are represented by the 3 main Fibonacci levels: 1,374, 1,381 and 1,389.

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