Friday’s rally took the S&P 500 just below its record high and helped to make what was heading into the day a negative week positive.  Small caps led the charge with the largest gains, while the Dow (DIA), Nasdaq 100 (QQQ), and Russell Mid Caps (IWR) were the only losers.  Relative to each index’s trading range, the picture is the same, though.  The market is overbought, but no longer at extreme levels.

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