S&P SPDRS (AMEX: SPY) Reverse At Support Says Market Timer Frank Kollar
March 19, 2007
The exchange-traded fund S&P Depositary Receipts SPDRs (AMEX: SPY) may have complete a 3 Wave ABC corrective pattern. The lows, reached intra-day last Wednesday, also reached the Fib 38.2% retracement support level at the same time.
Two potentially bullish patterns indicate the odds are good for a bullish trade here. Even better is the close sell-stop which could be placed just below last Wednesday’s lows at about $136.00. If the SPDRs close above $141.42 in coming days, the prior March 9 th intra-day highs, it would add to the bullish potential of this trade.
Fibtimer.com (http://www.fibtimer.com) holds a position in SPDRS in its ETF Timer Portfolio.
Kollar’s research has shown that the financial markets are in tradable trends approximately 80 percent of the time. FibTimer strategies define trends and trade them in both advancing and declining markets. Caring nothing about what newscasters say or what the latest economic indicator predicts, trends are where the profits are, and that is where FibTimer is.
Kollar is editor and chief analyst at FibTimer.com (http://www.fibtimer.com) which offers market timing strategies for S&P and Nasdaq index fund traders, as well as bond, gold, small cap, sector, ETF and stock trading strategies.
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