The Fred Report - Weekly July 9, 2018

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For us the indicators suggest the period of maximum vulnerability comes at a new high in SPY, and certainly anything above our target of 290 that is retraced below 280 is our concern.  The bounce off the GLD 117-area support looks strong and should be bought (we bought this a little too early at 119.25). Targets on the upside are 119.50 then 121.80. If these are exceeded a test of 124 to 127 is very likely.



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