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Bounce fails to change ongoing bearish structure

Minor bounce this am for both US Futures and European equities, but neither changes the ongoing bearish structure in both and prices now lie near attractive risk/reward areas to consider hedging and/or selling into as we haven't recouped enough to suggest that the bearish structure has changed.  Both US Dollar and TY YIelds have bounced a bit this am while Gold is lower and Crude has managed to rally back up near $51-  The positive news of JPM earnings will help to initially carry Financials likely this am, but also hasn't materially changed the structure for this group, so for the next 1-2 weeks, it should be right to still favor Defensive groups like Utes, Staples, Reits and Telecomm, while avoiding Financials, discretionary along with groups that recently fell to new monthly lows like Materials and Healthcare-  Overall the bearish structure in equities right now is still a negative coupled with the seasonality and above-average chance of additional volatility in the latter half of October, so unrealistic to expect this minor pullback this week was just a "one-off" and now back to the races and new highs-  Sentiment remains subdued but has NOT reached capitulatory type levels of selling, or abnormal downside breadth to think the worst is over and the subsequent rally has also not had an excessive amount of positive breadth, so prices lie in "No-Man's Land" at present and difficult to do much here outside of using this early monring bounce to consider lightening up a bit until we see further progress and New Lows start to pullback a bit, or see Equites move back down to test and reach a better level of support-  Key areas for S&P this am lie at 2138, then 2146-8 on upside for Dec futures and 2122 pivot for today.. Under leading to 2112, 2107 and under that allows for a break of 2100-  Key movers this am: DGLY, AMRS, AMD, ICPT, and C, JPM, while on downside- HIVE, LMRK, EGLT and RSPP-  Let me know if you have any questions