S&P 500 SPDRs (AMEX: SPY) Reach Critical Support Says Market Timer Frank Kollar
November 26, 2007 (FinancialWire) (By Frank Kollar)
Shares of the S&P 500 SPDRs (AMEX: SPY) have been falling dramatically over the past two months, and on Thursday, November 22nd, they reached within pennies of support at $141.59.
The next day, the S&P 500 SPDRs rallied for a 2% gain. The support was a critical one and should it be broken on the downside, we will be looking for the S&P 500 SPDRs to reach at least their prior August lows, at $137.25.
But for now, the charts say we “may” have seen a bottom. Watch for higher highs early in the week to confirm this reversal.
The Fibtimer.com (http://www.fibtimer.com) ETF Timing Strategy has a position in the S&P 500 SPDRs .
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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