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Stabilization attempt following ~80 pt S&P decline since Wednesday

GM- Last Friday's plunge extended by nearly 0.60% this morning, but most of today's damage occurred last night during the Sunday night session and mostly no real change since 11 pm last night before Equities have begun to bounce a bit--  Europe has bounced a bit also from earlier 2% loss, and Asia dropped with HSCEI lower by over 4% today.   US Dollar is largely unchanged, but Treasuries sold off again, while Equities weakened overnight, with no flight to quality bid, as might normally be expected with an 80 point drop in S&P futures in the last couple sessions- TNX now up to 1.68 while German Bund yields yielding +.03 bps, a big move from last week's -.122-   Crude and Gold both lower-  Overall when looking at Equity technicals, prices have gotten VERY oversold on hourly, 2 hr charts to some of the lowest oversold levels of the year- Downside looks limited, but targets still lie a bit lower at 2100 and then 2092-3 as support, but risk/reward starting to favor buying dips vs thinking this extends too much further-  based on the combination of hourly oversold conditions, Intra-day Demark buys, and daily structure which has uptrends from February near 2085 and the broader base structure.. which now is pulling back to test the area of the breakout from July-  (i.e.  former resistance now becomes support on declines-  this week's Weekly Technical Perspective covers some of these pros and cons of current market conditions more clearly and examines the Cons Discretionary sector in greater detail.  Early gainers in RPTP, PRGO, POT, P, while on the downside: SINA, WB, X, FCX, TRUE, CHK, MRO, and QGEN-  Let me know if I can answer questions

Key to note that entire base which was exceeded in July is now being tested on this pullback over last couple days.  Also, pullback still lies above uptrend from Feb, so important to note that structurally, the larger trend for SPX remains in good shape, and weakness has been short-term ONLY.. and now hourly charts have gotten very oversold, while attempting to stabilize in the last couple hours

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