Do-or-Die
Levels for S&P and Nasdaq Says Market Timer Frank Kollar
November 13, 2009 (FinancialWire) (By Frank Kollar)
The S&P 500 Index (SPX), and it’s tracking ETF
the S&P Deposit Receipts (NYSE: SPY), both reached
new closing highs this week, but on Thursday, November
12, they reversed hard and closed back below their previous
October rally highs.
The Nasdaq 100 Index (NDX) did not reach new rally highs,
but it’s tracking ETF the Powershares QQQ Trust (NASDAQ:
QQQQ) did reach new highs before also reversing lower on
Thursday. The failure of the NDX to make new highs is a
bearish divergence.
This brings up the potential scenario of a bearish double
top in the major indexes. The next few days will hold the
key to a new bull rally, or a continuation of the late
October correction.
Interestingly, Monday’s huge rally had a bullish
volume surge on the NYSE with 16 to 1 up vs. down volume.
This is an unusual event that occurred several times in
March, at the beginning of the 2009 stock market rally.
The stock market is at do-or-die levels here.
The http://www.fibtimer.com ETF
Strategy has a position in the S&P 500 SPYDRs and the
Powershares QQQ Trust.
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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any security. Opinions are based on historical research and data believed reliable,
but there is no guarantee that future results will be profitable. |
