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Triangle Pattern developing in S&P, so will pay to be patient

gm - from 8:20 am-   Equity trend still lower despite yesterday's bounce and insufficient signs thus yet of any low in place.. Moving OVER yesterday's highs would stop out shorts- 2144- but for now, Sept expiration looks to start off negative which its finished the last four years in a row-   TY YIELDS showing mild weakness- 1.66 and German bund yields back to Negative territory-and important to note, this downturn in European banks causing weakness in SX5E down to late July, as the weakness accelerates in Europe-  Some of Asia closed today for holiday, but NKY has made a similar move, as equities weakening globally-   Dollar showing mild gains, and Crude has weakened back down to early Sept lows which could be important.. ie 43 level-  UNDER invites a move down to 41.50 and believe that Energy sector remains quite weak and yesterday's gains likely to prove shortlived and begin to weaken again-    Technically speaking, when looking at S&P structurally on hourly charts.   Pullback in S&P from a lower high creates Triangle pattern for S&P futures with 2144 and 2156 being the key levels for S&P Dec futures and 2107.75 as Support, being yesterday's lows-  Pre-mkt movers for this am:  DEPO, GOGL, GPRO, PAH, and TWTR..  while on downside: NVAX, ORCL, MGT, VIP-  Larger picture globally at this point does NOT seem to have resolved much of the weakness, and for now, a defensive stance still looks prudent

Tough to rule out further weakness until this is resolved.  Patterns here still look very sloppy and favor downside breakouts initially