$SPY – We have had a very nice bear market rally off of the lows.

$SPY – We have had a very nice bear market rally off of the lows.  As I had pointed out a few weeks ago, when we were on the cusp of breaking a significant neckline on the inverse head and shoulders, there was a projected target of approximately 400.  Having said that, 390 is a 50% retracement from the August high to the October low, which makes me think we will see significant resistance between 390 – 400.  This week, we have some key inflation indicators, the Fed meeting, employment numbers and not long after, election day.   I plan to reduce long risk asset exposure this week and will look at the next week to 10 days as a key inflection point for the next major move up or down.