The following commentary comes from an independent investor or market observer as part of TheStreet's guest contributor program, which is separate from the company's news coverage.NEW YORK ( The FRED Report) -- We are still holding on to our expected rally theme as highlighted in last week's article. As long as $120 holds on SPY ( SPY) then we remain favorable on U.S. equity markets into year-end. We highlighted this level along with other market observations in our weekly conference call yesterday. You can listen to the recording here. Follow TheStreet on Twitter and become a fan on Facebook.