S&P 500 SPDRs (AMEX: SPY) Reaches Fib Resistance Says Market Timer Frank Kollar
February 14, 2008 (FinancialWire) (By Frank Kollar)
Shares of the S&P 500 SPDRs (AMEX: SPY) have had three good days this week and are now at short term Fib resistance. A close above $136.50 would likely result in a run for the recent minor rally high at $139.65.
It is what happens at that prior minor rally high that will tell us if we have a sustainable advance ahead, or another collapse leading to lower lows.
The S&P 500 SPDRs will be headed for $142.62 if that rally high is surpassed in coming days, and potentially to $147.14.
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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