Bulls Rally Wall Street Says Market Timer Frank Kollar

April 17, 2009 (FinancialWire) (By Frank Kollar)

The S&P 500 Index (SPX) has reached an important resistance level, the prior closing highs reached back on January 28 at $874.09 and February 9 at $869.89. After those highs were reached, the selloff that took prices to their March bear market lows began.

A close above SPX 874.09 would constitute new 2009 highs and a breakout for the S&P 500 Index.

It is also important to look at the Nasdaq and especially the Nasdaq 100 Index (NDX) that has moved far above those early year closing highs and is already at new 2009 highs. The Nasdaq and tech sector is leading the stock market higher.

Though the market is overbought short term, there remains plenty of room left for the markets to rise after losing better than 50% in the past year.

Lastly, according to Elliott Wave Theory, we completed a Wave 5 on March 9. Wave 5’s are usually the bottom of a series of waves to the downside. This forecasts an entirely new sequence of waves to the upside 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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