Strong Resistance Ahead for Stock Market Says Market Timer Frank Kollar
February 12, 2010 (FinancialWire) (By Frank Kollar)
Both the S&P 500 Index (SPX) and it’s tracking
ETF the S&P Deposit Receipts (NYSE: SPY) had a solid
rally on Thursday, February 11, with advancing stocks on
the NYSE leading declining stocks by a factor of four to
one.
After Monday’s sell off, it looked like the stock
market would have a rough week ahead, but now the SPX and
SPY are both in positive territory after rallies on Tuesday
and again on Thursday.
The danger of further declines has not yet been lifted
though. The SPX will hit strong resistance at 1103.32,
the highs reached on the last rally attempt. For the SPY
the resistance level is at $110.38.
A close above these levels would point to another run
for the market highs. Meanwhile, a close below the recent
closing lows at 1056.74 for the SPX and $105.89 for the
SPY would indicate that there are still lower lows ahead.
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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