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S&P falls from highs of range to lows, Stabilization here important for Bulls

GM-  Will be on BNN today 2:20 EST out of Toronto, live from NASDAQ in mid-town Manhattan,. and CNBC at 330-340 live from the NYSE

Weakness from yesterday's highs has taken S&P 23 points down from near resistance at 2150 to near 2126, going from the upper edge of the near-term range to the lower-  Most of Europe is lower by 0..75% after SX5E got up to 3100 and reversed, while Asia also finished the session quite weak with HSCEI, HSI, KOSPI all lower by more than 1%.  Bonds and stocks have begun to move in tandem again since yesterday and yields creeping up around the globe with German bund yields now at .0.078bps, TNX at 1.775 and UK Gilts higher to 1.13..  US 2yr meanwhile have moved back up to near 87 bps, but not seeing much curve flattening as rest of the curve is also higher-  The last couple days have shown us some marked divergences in SPX, DJIA vs the NDX which moved back to new highs on Tech strength, but if this am's AAPL results and overnight weakness are any guide, technology might be prone to pulling back more in the short run to join some of the other weaker sectors-  For now, Industrials, Healthcare, Discretionary along with most of the Defensives, remain quite weak, with most of the absolute ETFs having peaked out in September, and now WTI weakness of late causing some marked slowdown in Energy which has outperformed all other sectors in the rolling 1 month period-    

Overall for today-  this area DOES look like initial support for US S&P futures, but traders should watch the area at 2123-5 very carefully and any longs bought here would have to be hedged/sold and shorts added under 2123 for a move down under 2100 into early November-  Technically its important for the bulls that any rally off this level in the next couple days move all the way back to yesterday's highs, and failure to get above 2140 and then turning back lower would be a decidedly more negative scenario for US stocks in the days ahead.. so for the Bulls.. its do or die here.. and futures HAVE started to bounce a bit in the last hour-  Stay tuned-   Early gainers this am: AKS, TWTR, BA, GRMN, AKAM, VRTX, UIS, EXAS, JNPR while on the downside- P, EW, SIX, LUV, GLAD, AAPL, AAL, ADC-  Let me know if I can answer any questions