Bull Market for S&P 500 SPDRs (NYSE: SPY) Says Market Timer Frank Kollar
June 5, 2009 (FinancialWire) (By Frank Kollar)
The S&P 500 SPDRs (NYSE: SPY) have surpassed a major resistance level and signaled a new bull market lies ahead.
In Elliott Wave Theory, a new Bull market signal is issued when the stock market surpasses the prior Wave 4 high after a 5 wave decline. The entire 2008-2009 bear market constituted a long 5 wave decline.
The Wave 4 high occurred on January 5, 2009 at $93.86 and marked the start of the final Wave 5 decline ending in March at the bear market bottom.
After a two month rally, the SPDRs reached and tested those prior Wave 4 highs in early May but failed to surpass them and reversed lower. A second retest resulted in a breakout on Monday, June 1.
That breakout above the Wave 4 highs is an Elliott Wave Bull Market Signal.
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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