The Fred Report - Monthly February 2016
The bear market structure at the end of 2015 has increased, rather than rallying in January as we thought it might. Now, we are in short-term rally mode, with several objectives on the upside. Failure to penetrate 200 on SPY from here would suggest more decline is possible and a test of the 175 area on SPY. Until the structure corrects the market is vulnerable, even if downside objectives are hit.
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