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Ongoing Dollar weakness helps commodities extend gains

Minor gains in S&P this am coinciding with bounce in Europe while NKY finished down 3+%, and US Dollar pullback accelerating with EURUSD hitting 1.15 and Precious Metals still surging.  Starting to see lots of long spec positions in the metals along with Yen, and US Dollar index hitting prior lows likely means most of the Metals move for now has played its course, but still could see Materials, Energy gains into early May until we see meaningful dollar reversal-   Trend has arguably turned worse in the near-term for S&P given last week's break, playing catchup with the NASDAQ, while NDX down to key support and overall minor negative trend should prove minimal before gains back to new highs occur-   Key for S&P FUTS lies near 2071 on the upside to exceed, while 2060 being PIVOT and 2045 initially on downside important-  Bottom line,  expect we could see weakness early this week, but would use any pullback to buy dips as broader trend remains fine, and just a stalling out near former highs-  -  Early gainers this am out of DO and SYY both of which surprised to the upside-  This week's Weekly Technical Perspective highlights the Semis within Technology and a few stocks to consider buying given the recent weakness that look appealing-  

Minor bounce today hasn't regained 2071 which will be important, and for now the pulllback late last week still takes precedent early on

Gold breakout showing some follow-through on Dollar weakness as prices have hit the highest levels since early 2015-   While extended, its necessary to await some evidence of stalling out or reversal before selling longs ( I own GLD, IAU, SLV)

Speculative longs in Gold reaching levels not seen in the last few years, so most seem to be in this trade already and gains likely will prove muted in the upcoming week, though for now, additional rise above 1310 would target 1328-30 area which likely should be used for profit-taking-  Specs have risen substantially in the Metals along with USDJPY which has stabilized