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Early pullback under 2123 a concern, and bounces will be subject to failure

gm- Global equities are lower today, & while US futures are positive, we've had a fairly large bounce in the last four hours with S&P rising over 12 handles from overnight 2116 lows, but still hasn't achieved enough to think that any sort of a meaningful low or reversal might have occurred this morning. and technically the structure remains weak -  The key issue for most of this week is the degree to which global bond yields have risen sharply across the globe, which is much more than US yields moving higher ahead of FOMC's plans of potential rate hikes in December.  Global CPI has risen steadily in the last couple months, so despite being at low levels, it seems to have risen faster than the bond market might have anticipated.  Other issues to consider which have occurred just in the last 24 hours concern the breakdown in Small-caps with IWM violating important support and Consumer Discretionary starting to break down, with AMZN's early weakness today  and other sectors like Industrials on the verge of violating support.  So while financials have acted quite well of late, it's difficult for this sector to carry the market when most other sectors have been weakening steadily.  Technology and Energy's strength has waned in recent days, and as of Friday morning, only 30% of all SPX issues lie above their 50-day ma with negative momentum and breadth since August/September -  Overall, it looks more likely that US indices can pullback to test and break September lows before any meaningful stabilization occurs, and severe selectivity and/or a defensive stance still look right as we approach the end of October.  Key areas for traders this am lie at 2130 PIVOT while 2137 is important on the upside, while a retest of early am lows would need to hold early 2116 support-   Early am movers:  BHI, CRUS, MRVL, CYH, BIDU positive, while on the downside: MCK, AMZN, SNMX, YRCW, CAH, MLNX-   Let me know if I can answer any questions