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Last Monday's trading day opened with a downside gap and Wednesday's December 3 highs are right at that gap. Once the gap is filled, possibly early on Thursday December 4, we would expect to see selling re enter the market.
On the flip side, just above that gap are the highs reached last Friday at $90 a share. If the SPYs can make a significant close above this level, we could be in for more upside on the breakout.
The same chart pattern is seen on the Nasdaq 100 Powershare QQQs (NASDAQ: QQQQ).
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, his bearish positions resulted in gains exceeding 100 percent, all achieved by trading trends.
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.
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.
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