Stock Market Rally Reaches Critical Resistance Says Market Timer Frank Kollar
February 19, 2010 (FinancialWire) (By Frank Kollar)
Both the S&P 500 Index (SPX) and it’s tracking
ETF the S&P Deposit Receipts (NYSE: SPY) have been
in rally mode since reaching correction lows down around
1050 for the SPX and $105 for the SPY on February 5.
At the close on Thursday, both the SPX and SPY closed
just below the critical Fib 61.8% retracement level for
this correction. This typically marks the do-or-die point
for rallies. A close above leads to further advances and
a reversal leads to a resumption of the correction.
For the SPX the critical retracement level is at 1109.98
and for the SPY the critical retracement level is at $111.10.
Friday’s trading will probably tell traders if we
are headed higher or headed for lower lows.
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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