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TimerFrank
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Frank started market timing in 1982 when the Federal Reserve cut interest rates and sparked the 1980’s bull rally. Realizing that this rally could have been forecasted, he began to search for indicators which had similar forecasting ability. Within a year, his first newsletter was launched,... More
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  • S&P Deposit Receipts (NYSE: SPY) Breaks Resistance  0 comments
    Apr 26, 2012 3:24 PM | about stocks: SPY

    April 27, 2012

    Both the S&P 500 Index (SPX) and its tracking ETF the S&P Deposit Receipts (NYSE: SPY) have broken above recent resistance levels.

    Over the past several weeks, SPY closed well below its 50-day moving average and had stayed below resistance at 139.00 for twelve trading days.

    Wednesday's sharp earnings inspired rally pushed SPY to just above resistance with a close at SPY 139.19.


    Chart Courtesy of StockCharts.com

    Thursday's rally confirmed the breakout with an almost 1% advance. Look for SPY to test its highs, at 142.21, in coming days. A breakout above those highs would point to a new leg up for the stock market.

    Current support is at SPY 135.94.

    The Fibtimer.com (http://www.fibtimer.com) ETF Timing Strategy has a position in the S&P 500 SPDRs.

    Frank Kollar has been timing the financial markets since 1982, with online service since 1996. He is a dedicated trend timer and his strategies exited the markets before the crash in 1987 as well as the bear market in 2000 through 2002. During the 2000-2002 bear market and the 2008-2009 bear market his bearish positions resulted in substantial gains, all achieved by trading trends.

    Disclosure: I am long SPY.

    Themes: S P Deposit Receipts, SPY, Breaks Resistance, fibtimer.com Stocks: SPY
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