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Mild rebound after S&P pulls back to reach area just above support

Mild rally in most US equity indices though most of Europe remains fractionally negative.  Most attention focused on the ongoing rally in WTI crude which is closing in on $50 again, higher by 2% this morning, while Gold makes a minor 0.40% bounce, or 5 points after yesterday's shellacking.  Yields continue to jump in Europe, with German Bund yields having bounced to near .03 bps while the TNX is closing in on 1.70%.  Dollar largely unchanged today, though still making mild progress vs Yen after the breakout 2 days ago-  Key developments in the last couple days:  Many defensive sectors have plummeted down to new relative lows vs SPX that haven't been seen in months, while the US Dollar is in the verge of a larger breakout, and Gold has cracked serious 3 month support-  Meanwhile Industrials, with the help of Transports and Airlines.. have broken out vs SPX to new highs along with Energy while Financials have stabilized and turned up with the exception of WFC.. Consumer Discretionary also has shown signs of testing its OWN area of serious resistance and is on the verge of a larger move higher.  So despite Fear plummeting in recent days as reflected by Low Equity put/call readings, much of that was due to September premium/protection going off the board, as expiration came to a close, but doubtful that people have turned all that enthusiastic.  Sentiment remains mixed ahead of the election.. but given ongoing bullish still looks likely that equities should move higher, until/unless we see evidence of support being breached, which lies at 2132-3 for Dec futures and 2137-9 for SPX cash-  For now, its right to be long and expect that US should turn out of this higher, yet again --   Initial resistance for S&P lies at 2157-8 then 2170-1 while on downside- 2132-3 is very important..  Premkt movers: AVXL, ACIA, CRBP, DNR, NTNX, JONE, ENH, GPN, TWTR, STZ, ANGO while on downside-  IMMU, AYI, CASC, GIMO, CRM-  let me know if you have any questions

S&P range is still very much intact from early September.. Until/unless lows near 2132 are broken from late Sept.  it remains premature to consider this pattern bearish