Market Technical View: S&P signs of reversal. 2012.01.16

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.

Monday, January 16, 2012

S&P signs of reversal. 2012.01.16

S&P Index ended last week below the T1 trend line and turned the chances toward the bears for the next days.

Last week’s highs in the $1,300 area failed to reach the T2 resistance, signaling though the bullish weakness. The break of T1 support adds to the bearishness and an eventual retest of T1 as resistance (followed by a bear reaction there) will generate a selling signal.

The first support still stands in the $1,282 area.

CONCLUSION: check the previous analysis of S&P in order to see the bigger picture and the general market perspective:

TUESDAY, JAN. 10: http://markettechnicalview.blogspot.com/2012/01/where-is-s-500-heading-now.html

WEDNESDAY, JAN.11: http://markettechnicalview.blogspot.com/2012/01/s-returned-now-to-1282-support-which.html