Technology Select Sector SPDR (NYSE:
XLK) at Critical Level Says Market Timer Frank Kollar
September 1, 2009 (FinancialWire) (By Frank Kollar)
Shares of Technology Select Sector SPDR (NYSE: XLK) have
reached a critical level that will be tested over coming
days.
Technology SPDR reached the 61.8% retracement resistance
level of the May 2008 through November 2008 bear market
decline last Friday.
Typically the 61.8% level, at $20.72 for Technology SPDR,
is a make or break point in a rally. A definitive close
above this level would forecast continued higher highs
ahead, while a reversal from this level would point to
at least a corrective wave lower.
If the $20.72 level is surpassed, traders can look for
a run to the next resistance at $22.85. If shares trade
lower, support is at the $17.15 level.
The Fibtimer.com (http://www.fibtimer.com)
ETF Timing Strategy holds a position in Technology Select
Sector SPDR .
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.
Go to previous Press Releases & Trading Notes.
Note: These Press Releases are short term in nature. They may or may not reflect the same position as current subscriber reports which typically have longer time frames.
© Copyright 1996-2009, Market Timing Strategies, Inc., All Rights Reserved.
FibTimer reports may not be redistributed without permission. These Trading Notes however may be distributed without permission.
Disclaimer: The financial markets are risky. Investing is risky. Past performance
does not guarantee future performance. The foregoing has been prepared solely
for informational purposes and is not a solicitation, or an offer to buy or sell
any security. Opinions are based on historical research and data believed reliable,
but there is no guarantee that future results will be profitable. |
