S&P 500 SPDRs (NYSE: SPY) Rally to Resistance Says Market Timer Frank Kollar
May 29, 2009 (FinancialWire) (By Frank Kollar)
The S&P 500 SPDRs (NYSE: SPY) rallied right to a declining resistance line before closing on Thursday, May 28, at $90.92.
The SPDRs have moved sideways for the past three weeks but with declining intra-day highs that currently place resistance at $91.00 and a well defined support level at $88.50.
This leaves little room for the SPDRs to move before they break out above resistance or below support. Which ever way they go will likely lead to follow-through for the next several trading days at least, and possibly longer.
The http://www.fibtimer.com ETF 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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