- Technical Market Commentary -

April 9, 2010 (FinancialWire) (By Frank Kollar) — Both the S&P 500 Index (SPX) and it’s tracking ETF the S&P Deposit Receipts (NYSE: SPY) reversed from midday losses on Thursday and ended the day on the plus side. A bullish event considering Wednesday’s loss, a larger than expected jobs loss report and weak markets overseas.

Profit-taking is all part of the game and better to have small losses now than big losses later. But it looks like the SPX and SPY both have higher highs ahead before any substantial correction will occur.

The SPX is still on track to reach its next resistance level, the 61.8% retracement for the entire bear market decline at SPX 1226. That is 3.2% above Thursday’s close at 1187.68 and is the target for the current advance.

The SPY is still on track to reach its next resistance level, the 61.8% retracement for the entire bear market decline at SPY 122.98. That is 3.6% above Thursday’s close at 118.77 and is the target for the current advance.

Disclosure: 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 and 2008 bear markets, 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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