S&P Deposit Receipts (AMEX: SPY) Breaks Support Says Market Timer Frank Kollar
January 13, 2009 (FinancialWire) (By Frank Kollar)
Shares of the S&P Deposit Receipts (AMEX: SPY) have been holding above a rising trend support line since November 2008.
The support line was created by connecting the lows of each minor decline since the bear market lows on November 20. Each new low has been at a higher level and has resulted in a rising market, however volatile.
On Monday November 12 the SPY broke below this support line adding an additional bearish level of concern to an already worrisome stock market. The odds are now higher that a retest of the November lows is ahead
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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