Test of the Stock Market Highs Ahead Says
Market Timer Frank Kollar
March 5, 2010 (FinancialWire) (By Frank Kollar)
Both the S&P 500 Index (SPX) and it’s tracking
ETF the S&P Deposit Receipts (NYSE: SPY) rallied above
important resistance levels this week.
Last week we wrote; “Thursday’s huge intra-day
loss, that reversed and closed almost unchanged for the
day, points to more strength to the upside ahead. Any strength
should push these indexes above the critical resistance
levels. Thursday’s mid-day reversal to the upside
was on a day when bad news dominated the markets. That
is bullish.”
On Monday the SPX closed above 1109.98 the 61.8% retracement
of the January to February declines and SPY closed above
111.10 the 61.8% retracement of the January to February
declines.
Typically when the 61.8% retracement level is surpassed,
the index, ETF or stock, continues higher to test the prior
high. In this case that is the rally highs achieved in
early January.
The targets for this advance are; 1115.06 the closing
high for SPX and $1115.06 the closing high for SPY.
The Fibtimer.com (http://www.fibtimer.com)
ETF Timing Strategy has a position in the S&P 500 SPDRS.
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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