S&P 500 Index (SPX) at Critical Support Says Market Timer Frank Kollar
June 25, 2010 (FinancialWire) (By Frank Kollar)
Both the S&P 500 Index (SPX) and its tracking ETF
the S&P Deposit Receipts (NYSE: SPY) are at do-or-die
support levels.
There have been more than a few bullish indicators flashing
buy signals over the past several weeks, yet this week
the stock market has done nothing but decline.
Those declines have taken the SPX right to critical support
at 1074. This is the 61.8% retracement of the entire June
rally and needs to hold. If broken in coming days, look
for another test of the prior lows at SPX 1050.
The declines have also taken the SPY right to critical
support at 107. This is also the 61.8% retracement of the
entire June rally and needs to hold. If broken in coming
days, look for another test of the prior lows at SPY 107.
The SPX and SPY are now below their 200-day moving averages,
another negative hurdle for the stock market to deal with.
We need a rally and close above SPX 1117 and SPY 112 for
the market to get back on track.
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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