The Fred Report - Mid Week Update August 31, 2011
This does not change our forecast of a retest of the lows after a test of the 123 – 125 area on SPY. % bears has increased again, to 36% – improving our model, so the healing process continues. We realize that should stochastics roll over and the moving averages cross back negative – another very sharp down-leg should occur which will take us to new closing lows. The agricultural commodities have a seasonal tendency to rally into September.
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