The stock market continues to work out its overbought conditions at a high level and prices are holding up. Breadth closed on a strong note: 2259 stocks advanced compared to 1577 that settled down. We observed a slight increase in hedging activities. Ideally, some more days of consolidation would improve our risk model at the neutral level before a resumption of the bull market for a year’s end rally. We raised our objective at 3050 and if the market reached this level, this may provide the last entry opportunity.