$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.

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

Jeffrey Ramson

Jeff Ramson is the Founder and CEO of PCG Holdings. Jeff is also Publisher of Prism MarketView and Fund Manager of ProActive Capital Partners.