S&P SPDRS (AMEX: SPY) Just Below Resistance Says Market Timer Frank Kollar
April 4, 2007
The exchange-traded fund S&P Depositary Receipts SPDRs (AMEX: SPY), which reached the Fib 38.2% retracement support level on March 14 th and reversed to the upside, is now just a fraction below a critical resistance level.
Tuesday’s close at $143.69 is just below critical resistance at $144.35. If the SPDRS close above this level in coming days, expect a run for the prior rally highs at $146.42. Caveat: this may be too much too soon for the stock market. A failure to move higher from here could result in several additional weeks of weakness ahead.
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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