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Friday Morning- Dollar Breaks Down further, Gold Soars.. S&P right up to key resistance

Overall, S&P got right up to 2000 and slightly above before fading post NFP where the Jobs report beat expectations at +242 while Wage growth missed and that continues to be a concern

Key to note, S&P has risen right up to important levels based on the entire November to February decline, having retraced 61.8% of prior decline along with right up to lows from December and November.. Prior lows which should now hold as S&P pushes up to this level.  US Dollar’s breakdown continues this morning and we’ve seen stabilization and gains in commodities, with Gold breaking out above the key 1250 area which should allow for a further rip to 1305-1310 in the near-term along with some gains in Emerging markets.    Treasury yields meanwhile lagging the Equity move a bit when eyeing 10s.. and area at 1.90 is KEY for TNX, which would need to be exceeded to argue for a sustained Treasury selloff over the next month (Yield breakout/rise)   For now, most near-term breadth has surged as seen by McClellan Oscillator readings over 90, similar to last October and October 2014 along with September 2013, July 2012, and in all of those cases, equities were able to make gains and continue trending higher.  Near-term though, the fact that we’ve begun to see USD weakness,..  USDJPY stallout, and TNX still under 1.90%.. we could see S&P HOLD up near 2000 area before a minor pullback in the days ahead, before gains continue.  The fact that DJ TRANSPORTS and NY COMP have BOTH reclaimed former lows from August is thought to be a real positive and can help indices log additional gains in the months ahead