More Gains Ahead for the S&P 500 Index (SPX) Says Market Timer Frank Kollar
August 22, 2008 (FinancialWire) (By Frank Kollar)
While the S&P 500 Index – SPX has been weak this past week, along with all of the major indexes, there is likely still some upside surprises ahead.
The SPX never did reach its initial targets of 1319.00 and possibly 1347.00, where a correction was most likely to start. And so far the selling has been contained with lows at the 50% retracement level of the rally off the July 15 th lows.
As long as the SPX holds above critical support at 1244.00, we should still have some upside left before a retest of the lows begins. If we do break critical support, the test is likely underway.
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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