During the second half of last week, we saw some strong price action in the equities market. The S&P 500 broke through the five and 50-day moving averages closing the week just under key resistance levels. The S&P 500 futures will find resistance at the June high of 1099.25, 1100 which is the whole number, then at 1103 which is the 200-day moving average. Each of these are clumped together making it really just one solid area where sellers will be waiting to short the market. The market momentum and internals are looking strong for the equities market overall. With last week's strong close, we have seen the percentage of stocks closing above their 50- and 200-day moving averages surge from 40% to 68% from the previous week. Stocks closing above their 20-day moving average jumped from 40% to 82% from the previous week. Seeing this type of shift in the market momentum is generally a bullish indicator. From a quick glance at the internals it looks as though Monday will trade flat or negative for the session. The reason is that the New York Stock Exchange advance/decline line is telling us the market is overbought when looking at a short-term time frame.