The Fred Report - Monthly October 2015
SPY given short-term rally indications, but internals suggest a retest is possible after oversold conditions are relieved. There is enough technical evidence to suggest further downside that clients who are more concerned with downside risk than capturing all upside should remain cautious at this juncture. While our target of 223 on SPY (per our yearly forecast) remains in play, we must see the quality of a short-term rally, should it occur, and also see improvement in the internal indicators.
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