S&P at Critical Support Says Market Timer Frank Kollar
June 13, 2008 (FinancialWire) (By Frank Kollar)
In only a single week, the S&P 500 Index – SPX went from what looked like the start of a rally to test the prior highs, to a decline that is now testing critical support.
On Wednesday, June 11, the SPX closed below 1341, the 50% retracement of the entire March through May rally. Just below this level is the critical Fib 61.8% retracement support level at SPX 1321.
Should the SPX close decisively below 1321, we will be looking for considerably lower lows, possibly a retest of the March lows.
Should we have a bullish reversal day here or at SPX 1321, we could very well have seen the bottom of this correction.
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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