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Metals surge continues, as S&P tries to stabilize near Noon lows

Half hour to go, S&P has given back much of early gains, but remains fractionally positive-  Most of Europe also closed down off its early highs, but finished moderately in the GREEN, -  US Dollar weakness continues to dominate headlines and Precious metals strength along with WTI Rebound noteworthy, while Financials rebounding ahead of this week's earnings-  Overall though to make too much of today's earlier reversal, but trend remains positive with initial support 2040 then 2036 while 2020-3 the larger area of importance.    Materials stocks making headway given USD decline, while Financial, Industrials positive.  On the flip side, Healthcare and Telecom are leading stocks to the downside.  Largest gainers being seen in CHK, NEM, WMB, STX, SWN, FCX, NRG, AA, WDC, and NAVI-- In terms of losing issues- ENDP, NOV, UA, BHI, VLO, AGN ADS FL MYKand MYL

Overall, not much to do outside of using weakness to buy until/unless 2026 is broken, ,with more important support down near 2020.

 

Breakout this morning from S&P's tight Flag formation turned out to be a false signal, which has since reversed course and taken out lows made around 12 noon EST.