- Technical Market Commentary -

September 24, 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) rallied into Monday, September 20, but have pulled back a bit since. Up until this week the SPX 1110 to 1120 level has been the high of every attempt to rally since the current correction began back in April.

Monday’s breakout rally finally broke above those highs but the last few days have seen some retracement. Considering the speed of the advance, some consolidation of gains is expected, but after support is reached we should see the advance reassert itself.

There is strong support at SPX 1120 and then again at SPX 1100 should the market decline that far.

(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.)

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. Go to http://www.financialwire.net/2010/09/24/vol-ldr-rsrch-22/ for today’s NYSE-AMEX-NASDAQ summary.

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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 SPDRs.

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