- Technical Market Commentary -

October 1, 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 stopped at the SPX 1050 and SPY 115 level. Is this it for the rally?

The SPX 1050 level is turning into a critical one. The index has hit it six times in the last two weeks but has yet to close above it. SPX has closed above the important 61.8% retracement for the entire April to July correction, so by surpassing that resistance level it appears we have higher highs ahead.

But that 1050 level must be broken to the upside soon or the markets will likely pull back. For the S&P 500 SPDR ETF, the level is 115.00.

(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 for more of Kollar’s commentaries.)

Disclosure: Frank Kollar’s Fibtimer.com Stock Timing Strategy holds a position in the S&P 500 SPDR ETF.

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