S&P Deposit Receipts (AMEX: SPY) Pullback Says Market Timer Frank Kollar
December 10, 2008 (FinancialWire) (By Frank Kollar)
Shares of the S&P Deposit Receipts (AMEX: SPY) rallied to resistance at $92 a share on Monday. On Tuesday, December 9, they pulled back.
Although anything can happen considering the volatility the markets are experiencing now, the odds favor at least some more declines ahead.
The SPY has reversed at Fib support and resistance levels three times in a row in the past several weeks. On November 28, December 2 and December 8. This forms a bearish trading pattern that calls for lower lows.
The problem arises with the current volatility. Anything can happen. But the odds of more selling in the last half of this week are high.
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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