S&P 500 SPDRs (AMEX: SPY) Break Support Says Market Timer Frank Kollar
November 27, 2007 (FinancialWire) (By Frank Kollar)
Only last week we wrote, “…shares of the S&P 500 SPDRs (AMEX: SPY) reached within pennies of critical support at $141.59. The next day, the S&P 500 SPDRs rallied for a 2% gain. The support is 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.”
Without a crystal ball, no one knows what will happen tomorrow, but we would not be on the long side of the S&P 500 SPDRs right now.
A retest of the prior correction lows appears imminent. Should it fail to hold, the S&P 500 SPDRs have little support immediately below.
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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