We've closed an incredible week where USDJPY has advanced for an 11th consecutive week, EURUSD posted a breakout as it started a stimulus withdrawal and the S&P 500 rounded out its first 8-day rally since 2006. These trends look robust on their surface. However, questions arise when we look at other critical factors. The US Dollar closed at a six-month high. Volume on the S&P 500 this past week was the lowest, non-holiday turnover in over a decade. And, much of the 'positive turn of events' on major fundamental relief events have been priced in. In the weekend video, we discuss the difference between a strong trend that carries momentum and one that is simply over-extended (with particular focus on EURUSD and the yen crosses).

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