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Market Seems to have shown its hand.. with Short-term Support violation

Bottom line-  The market looks to have shown its hand yesterday-  After nearly 3 weeks of consolidation, we saw prices undercut the lows of the recent Triangle pattern, with late day rally attempts failing to get back over key areas of importance.   While it's always tough to make too much of just one day's selling, a couple things stand out which are near-term concerns:   Materials and Healthcare both broke to new monthly lows while former outperforming sectors like Energy and Technology both dropped to multi-day lows on a close, confirming Demark's TD Sequential sell signal in the process.  Consumer Discretionary also looks to have broken trendline support yesterday, and yes we ARE in the volatile month of October.. So while the positives of intermediate-term structure and broad-based participation which were mentioned previously are still very much intact.. it looks like we have the potential to see some weakness over the next 1-2 weeks before this selloff exhausts itself and we can turn back higher.   The Percentage of stocks trading above their 10 and 50-day ma has both plummeted in recent days, and only 21% of all stocks are now above their 10-day ma  (got down to 7% in mid-Sept) while % of stocks > 50-day ma is at 33% and dropping-   Breadth had certainly begun to wane lately but much of this was due to markets moving sideways.  Now a drop below support has caused many stocks to also show near-term weakness in breaking their own 2-3 week consolidations to the downside, in the short run.   For today, most of Europe is mixed, while Asia is largely lower, with NKY down more than 1%..  Both Crude and Gold are largely unchanged, but the Treasury selloff continues, with no real flight to quality despite the recent equity weakness, and Bund yields are now +0.06 bps while TNX is up just south of 1.80%.  The Dollar is mildly positive, but is showing near-term signs of exhaustion and both TY Yields and DXY might need to consolidate recent gains, so this Yield rise should be a chance to buy treasuries in the near-term (TLT) with resistance in 10s near 1.80-   For S&P..  any break of yesterday's lows of 2121.75 for S&P Fut would cause downside acceleration to near 2100 - mid-Sept lows initially, with larger targets about 3-5% lower over the next 1-2 weeks-  The trend will be bearish until either prices get back over 2150 in S&P, or until we pullback sufficiently and show some ample signs of capitulation, which for now, remain very much premature-  Look for Defensive sectors to begin to stabilize in this environment and stocks within Staples, Telecomm, REITS and Utilities should relatively outperform during the last couple weeks of October-   Resistance for today- PIVOT 2139, then 2149-50.. while support 2117-21 .. but an hourly close under 2121 likely gets us to 2100 fairly quickly-  Premkt movers: MGT, NVFY, CUDA, IDRA, and on the downside- FTNT, CHKP-  Let me know if I can answer questions-  TY

A tough spot for S&P after breaking down and then retesting right to key area of former support/now resistance-  Pullbacks to test and break 2121 look more likely right now- which would allow S&P to correct down to 2100 and slightly below-  For now, a defensive stance is right until/unless 2150 can be recaptured