Today, the SPY and QQQ broke out to new highs. The Russell is diverging and is still in a downtrend, although it closed slightly higher today. As you will see in the Briefing, the internals are still weak and diverging from price development. While they improved slightly today, they are not close to supporting the breakout moves as they should be. This gives me great concern over the sustainability of the move. If the breakout is to be sustained, the internals must strengthen to support the trend, otherwise there is a risk this is a false breakout and there will be a rotation lower. Watch market breadth and volume carefully next week.