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Market internals are very strong today and the SPY’s  five- and ten-day moving averages are both hooking higher with the intermediate-term downtrend line definitively broken.  In addition, new highs participation is also present.  This was the type of strength I was hoping to see.  That said, this move puts the index well into short-term overbought territory just as it looks to challenge its 20-day moving average above (say $109.30).  How the market handles these technicals and the extent of any pullback will tell us just how safe this market is here.  Certainly the news-cycle appears more constructive early-on in this holiday shortened week — we’ll see.