DJIA breakout shows how market rally continues to broaden out

Trend bullish - Despite stretched momentum, long positions remain correct; Pullbacks from near-term overbought levels next week likely prove minor before gains into late June.

SPX has now risen for six straight days, which has occurred less than 10 times in the last five years.  While our choppiness from March-May created an environment that makes many rush to sell into breakouts, this doesn’t seem like the correct thing to do technically.

Short-term overbought conditions during a parabolic move are far different than an overbought state caused by a rapid move within a consolidation, and this is an important distinction.

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