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Although Friday’s action was bullish, we continue to trail tight stops to reduce risk and lock in gains when possible. Many stops are placed below the 20-day EMA, which should provide support during any pullback in the market.Can a market continue to rally while in overbought territory? The chart below of the S&P 500 is from 2007, where the S&P rallied for several months without breaking the 10-day MA.

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