- Technical Market Commentary -

September 21, 2010 (FinancialWire) (By Frank Kollar) (Go to http://www.financialwire.net/?s=cmmtry for all recent commentaries.) — Both the S&P 500 Index (SPX) and it’s tracking ETF, the S&P Deposit Receipts (AMEX: SPY), have broken-out above a major resistance level. Since June there have been three attempts by SPX and SPY to break-out of the correction declines and start an advance. The first two failed at the SPX 1120 and SPY 112 levels.

On Monday, September 20, SPX rallied on heavy volume and closed well above the prior highs as well as the prior closing highs by ending the day at 1144.04. The early August highs are the right shoulder of a bearish head-and-shoulders pattern. So that previous high, at 1127.29, was very important — and Monday’s rally has voided the head and shoulders pattern.

The Russell 2000 Index (RUT) also broke out on Monday, and the Nasdaq 100 Index had previously broken out.

We now expect a continuation of the rally and very likely tests of the prior April highs.

(Go to http://www.financialwire.net/2010/04/22/about-kollar/ for more about Mr. Kollar, and go to http://www.financialwire.net/?s=kllrfby+cmmtry for more of Kollar’s commentaries.)

**Today’s FirstAlert(tm) is brought to you by ShareIntel(r) Shareholder Intelligence Services (see below).**

The FirstAlert(tm) “Money Index” is an indicator of the depth of market direction or indirection. While not always including the same stocks, the combined NYSE, AMEX and NASDAQ 25 most actives and combined NYSE, AMEX and NASDAQ greatest percentage losers and greatest percentage winners (weighted against pure monetary loss/gain) indicate the direction in which the mass of money is flowing, as well as the general focus of the market. Last session’s most actives showed 19 advancers versus 6 decliners. Volume leaders were led by Citigroup, Inc. (NYSE: C) (streaming research for Citigroup available at http://investrend.stocksmart.com/ri/toc?tid=7921), the SPDRS S&P 500 Trust ETF (AMEX: SPY) (streaming research for SPY available at http://investrend.stocksmart.com/ri/toc?tid=34430), Bank of America Corp. (NYSE: BAC) (streaming research for BAC available at http://investrend.stocksmart.com/ri/toc?tid=8456), the PowerShares QQQ Trust ETF (NASDAQ: QQQQ) (streaming research for QQQQ available at http://investrend.stocksmart.com/ri/toc?tid=1044870), Sirius XM Radio, Inc. (NASDAQ: SIRI) (streaming research for SIRI available at http://www.investrend.stocksmart.com/ri/toc?tid=9201), Oracle Corp. (NASDAQ: ORCL) (streaming research for ORCL available at http://investrend.stocksmart.com/ri/toc?tid=5252), Intel Corp. (NASDAQ: INTC) (streaming research for INTC available at http://investrend.stocksmart.com/ri/toc?tid=3619), Cisco Systems, Inc. (NASDAQ: CSCO) (streaming research for CSCO available at http://investrend.stocksmart.com/ri/toc?tid=1723) and Microsoft Corp. (NASDAQ: MSFT) (streaming research for MSFT available at http://investrend.stocksmart.com/ri/toc?tid=4652).

The FirstAlert(tm) Economics Calendar lists Housing Starts & Building Permits for August (8:30 am ET); Weekly Chain Store Sales (8:55 am ET); FOMC Meeting – Policy Announcement (2:15 pm ET).

The FirstAlert(tm) Events Calendar showcases SIRO, TMO and SGEN at the UBS Global Life Sciences Conference; SLW, SWC and GRS at the Denver Gold Group Forum; SWKS Analyst Meeting; T, YHOO and AMT at the Goldman Sachs Communacopia XIX Conference; XL, PRE and ALTE at the Macquarie Securities Bermuda in Boston Conference.

The FirstAlert(tm) Earnings Calendar highlights AutoZone Inc. (AZO) Q4 2010 earnings release and earnings conference call; DeaLogic Holdings (DELGF.PK) Q2 2010 earnings release; Minerva plc (MNR.L) Preliminary 2010 earnings release; Progress Software Corp. (PRGS) Q3 2010 earnings release.

FirstAlert(tm) Website of the Day: http://www.erh.noaa.gov/box/equinox.html

Quote of the Day: "It never troubles the wolf how many the sheep may be." — Virgil (10/15/0070 – 09/21/0019 BC), Roman writer.

Word of the Day: imago \ih-MAH-goh\, noun: 1. An idealized concept of a loved one, formed in childhood and retained unaltered in adult life. 2. Entomology. An adult insect.

In context: “She pictured him retaining, year after year, her imago in his heart, as strongly as his was impressed upon her own at that moment.” — Ellen Wallace, King's Cope: a novel.

(Imago is a term that originated in psychoanalysis but migrated into popular usage in the 20th Century.)

Today is: World Alzheimer’s Day

Tomorrow is: The Autumnal Equinox (Sep. 22, 2010; 11:09 PM EDT)

Happy Birthday: 1941 – R. James Woolsey, Jr., Central Intelligence Agency director, 1947 – Stephen King, American author; 1949 – Artis Gilmore, American basketball player; 1957 – Kevin Rudd, 26th Prime Minister of Australia.

Today in History: 1961 – Maiden flight of the CH-47 Chinook transportation helicopter; 1981 – Sandra Day O'Connor is unanimously approved by the U.S. Senate as the first female Supreme Court justice; 1993 – Russian President Boris Yeltsin suspends parliament and scraps the then-functioning constitution, thus triggering the Russian constitutional crisis of 1993; 2008 – Goldman Sachs and Morgan Stanley, the two last remaining independent investment banks on Wall Street, become bank holding companies as a result of the subprime mortgage crisis.

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Disclosure: Frank Kollar’s Fibtimer.com (http://www.fibtimer.com/) ETF Timing Strategy has a position in the S&P 500 SPDR ETF.

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