The FRED Report

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The Fred Report - Monthly September 2015

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SPY has corrected as forecast by weak market internals over several months. The real question is whether this decline was IT, or whether a retest and further downside should occur. 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 (per our yearly forecast) remains in play, we may have revisions after the next quarterly indicator readings. 


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