S&P 500 Index - SPX Remains in Uptrend Says Market Timer Frank Kollar

August 8, 2008 (FinancialWire) (By Frank Kollar)

The S&P 500 Index – SPX remains above its rising trend support line even though it took a substantial tumble on Thursday, August 7.

In spite of all the economic worries, poor earning reports and high energy costs, the SPX and Dow Industrials continue to post higher weekly highs and higher weekly lows as they advance, though with a great deal of volatility.

The Nasdaq Composite Index – COMPQ and Nasdaq 100 Index – NDX are doing even better, posting a breakout rally on Wednesday, August 6.

The July 15 lows filled the requirements for a panic low and until we reach strong resistance, at the SPX 1320-1350 levels, traders should be looking for continued gains, albeit with huge volatility, until then.

After the SPX 1320-1350 level is reached, we could see the next stage of the bear market decline and considerably lower lows. But for now, look for the market to regain its footing and continue higher in coming days.

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.

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.

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