The Fred Report - Monthly August 2014

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After some improvement, SPY hit summer rally targets and has started to sell off sharply, violating short-term benchmarks. A short-term rally should start from these levels, and this could test the 203 level on SPY. Failure to materially exceed this and then a break of 189 would suggest a correction of magnitude is underway. For now, in spite of last week’s trading, the overall market view remains where it was – neutral, but the break of short-term benchmarks suggests playing a bit of defense in this area.

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