S&P 500 Index (SPX) and S&P Deposit
Receipts (NYSE: SPY) Reverse at Support Says Market Timer Frank Kollar
September 4, 2009 (FinancialWire) (By Frank Kollar)
After several days of selling, the S&P 500 Index (SPX)
as well as it’s tracking ETF the S&P Deposit
Receipts (NYSE: SPY) reached initial support levels on
Wednesday, September 2.
That support is the 50% retracement of the August 2008
through November 2008 bear market declines. It is a level
that was surpassed over the past month, but which now should
be expected to act as support.
That is what happened on Thursday as all the major indexes
reversed and moved higher, especially in the final hour
of trading when a substantial rally occurred.
The end day rally bodes well for Friday AM but the critical
level is 987.47 for the SPX and $98.80 for the SPY. These
levels need to hold or the market will see lower lows in
coming weeks.
The http://www.fibtimer.com ETF
Strategy has a position in the S&P 500 SPYDRS.
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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