The stock market continues to recover on a healthy basis, we don’t observe at this stage any sign of speculation or euphoria. Internal momentum is very strong with the cumulative advance/decline line on the NYSE reaching new all time highs. On a short term basis, our oscillators based on breadth entered into the overbought zone which is positive and confirms the internal strength we mentionned. 2137 stocks advanced, 766 declined and the list of stocks hitting new highs is expanding. The first resistance for the S&P 500 still lies at around 2740-50.