S&P 500 (SPX) Above Short Term Resistance Says Market Timer Frank Kollar
April 18, 2008 (FinancialWire) (By Frank Kollar)
The S&P 500 Index – SPX surpassed critical short term resistance at SPX 1362.42 on Thursday, April 17, by closing at SPX 1365.56.
Although a full scale advance cannot yet be forecast from this, it does signal a test of the prior April rally highs, at SPX 1386.74, in coming days. Should the SPX close above these April highs, we could be off to the races.
The targets for a new advance if the SPX closes above 1386.74 in are SPX 1416 and potentially SPX 1454.
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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