S&P 500 Index (SPX) Breaks Out Says Market Timer Frank Kollar
The S&P 500 Index (SPX) broke out above their prior rally highs on Thursday as well as above solid resistance that so far had stopped three rally attempts since early June. A huge triple digit gain for the Dow Jones Industrials (DJIA) plus another new high for the Nasdaq Composite Index (COMPQ) now sets the stage for additional gains.
Look for the rally in the S&P 500 Index to reach at least SPX 1556 in coming days, and likely to SPX 1575 as buyers jump in after Thursday’s sharp gains. After this, the markets will again consolidate as traders take profits. The stock market is quite overbought, but such conditions can last for a long time. Stay with the trend.
The Fibtimer.com (http://www.fibtimer.com) ETF Timing Strategy holds positions in index funds, ETFs and stocks that meet trending and liquidity requirements.
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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