S&P 500 SPDRS (AMEX: SPY) Breaks Support Says Market Timer Frank Kollar
March 10, 2009 (FinancialWire) (By Frank Kollar)
Shares of the S&P 500 SPDRS (AMEX: SPY) closed below their November 20 lows and have now broken below their first support level beneath those lows.
This support was at $69.20 a share and on Monday, March 9, SPY closed at $68.11.
When support is broken we look to the next support level as a target for the decline. In this case, the next support level is down at $62.41, some 8.4% below Monday’s close.
Watch $62.41 for a tradable bounce should it be reached in coming weeks. This is critical support and there should be at least a short term rally if not a full scale reversal.
The Fibtimer.com (http://www.fibtimer.com) ETF Timing Strategy has a position in the S&P 500 SPDRS.
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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