Stock Market Rally Confirmed Says Market Timer Frank Kollar
February 29, 2008 (FinancialWire) (By Frank Kollar)
The S&P 500 Index – SPX, has broken out of a bullish pennant formation this week confirming the current stock market rally. Though Thursday may have been a struggle for stocks, nevertheless, we now have a confirmed rally in place.
The Nasdaq Composite Index – COMPQ and Nasdaq 100 Index – NDX have also confirmed their rally but have done so without the fireworks displayed by the big-caps. They also have further to go on the upside before resistance is reached so we could yet see some Nasdaq fireworks ahead.
We are looking for the rally to reach SPX 1395 to SPX 1425 before we see a meaningful correction. These are the first twp resistance levels to be reached. The SPX 1395 level was almost reached in Wednesday’s trading.
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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