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US Index futures extending back higher, while Gold hits new weekly lows

Technically the trend remains bullish and the Rally still showing very little signs of fading.. This am's pre-mkt Pop has sent US Equity futures back to new highs (NDX) while S&P is making new multi-day highs as there's evidence this 5 day consolidation is now resolving itself to the upside- Rally has now caused S&P to trade OVER 2 Std Deviations above its 50-day MA for nearly 8 straight days-  so quite stretched with nearly a 10% rally from late June while sentiment has gone from bearish to bullish quickly-  Yet we'll need to see evidence of prices starting to turn down to have concern and for now, there remains little sign of that outside of just minor consolidation-  Europe showing Bullish signals today as SX5E held where it needed to and now turning back up which could result in a push above early July highs.. Germany leading all European indices still, higher by 1.25%-   Gold Down 1% while Crude down fractionally as US Dollar showing small gains.   Yields higher by 0.50% with 10yr back up above 1.56 while German bund yields still negative. Today's early gains by MSFT, MS helping to set the tone for gains.. and should help to power Financials and Tech higher as the recent mean reversion continues- Resistance at this point for S&P lies at 2166-9 while on the downside, 2157-8 Pivot and 2153 support-  Bottom line, until we see evidence of at least a multi-day close to the downside, the path of least resistance remains to the upside and S&P could reach 2180-5 area, or about 15-20 handles higher over next 2-3 days- Additional movers:   Advancers:  PGNX, GLBL, VRX, MSFT, MS while on downside: ZFGN, RYI, EDU, MRCC, INFO, YELP-  Let me know if you have questions

A good advance thus far pre-mkt to get OVER prior few days highs, which if holds, should allow for a push up to 2180-5 area-  Giving this back by end of day and UNDERCUTTING prior lows would be decidedly negative, but for now, not expected right away

Gold continuing on the downside and area of key support near 1300, and for Gold bugs, this area stands out given Demark and trendlines as an area to buy over next 1-2 days-  However, if US Dollar continues to extend, than most metals should experience a bigger breakdown- For now, after dropping from 1375, its likely we see at least some stabilization in Gold to the downside into end of week