S&P 500 SPDRs (AMEX: SPY) Hanging By A Thread Says Market Timer Frank Kollar
December 20, 2007 (FinancialWire) (By Frank Kollar)
Shares of the S&P 500 SPDRs (AMEX: SPY) reversed course last week when the Fed released their non-statement and the financial markets reacted negatively.
But now the S&P 500 SPDRs are at a critical support level that may determine whether the selling is over, or that more selling, and lower lows, are ahead.
That support is at 144.99 and the S&P 500 SPDRs closed at that level on Monday, December 18 th. If they close below this level, and they remain only a fraction away from it as of Wednesday’s close, it will forecast an imminent test of the correction lows at the $141 level. A failure there would open the S&P 500 SPDRs as well as the rest of the stock market to substantial declines.
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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