Market Rallies from Support Says Market Timer Frank Kollar
February 13, 2009 (FinancialWire) (By Frank Kollar)
The S&P 500 Index (SPX) traded to just above its prior January lows at SPX 804 and reversed to the upside. The Nasdaq 100 Index (NDX) declined to its rising trend support line and also rallied.
Though the rally was enough to reverse midday losses nearing 3% and end the day with a slight gain, it did not result in a bullish reversal day, typically seen at the end of declines and resulting in a new sustainable rally.
It is positive to see support levels hold, but whether or not this is the end of the current market weakness remains to be seen. We would not yet consider bullish positions.
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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