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Trend remains lower from August 8 peaks

gm-  Minor losses in US futures and in most of Europe where German's DAX leading to the downside, lower by 0.40% and most of Asia mixed.   Treasuries are gaining ground, with US TNX down to 2.18, and little real support here until 2.12, so additional pullbacks here do look likely-  Key for today revolves around ability of Financials to hold ground given recent trend of rolling over along with many sector ETFs like XLY, XLI, XLV, XLP which all sit on the brink after forming reversal patterns since mid-May and down near the lows of their respective ranges-  TREND is down from late July in many indices, momentum is negatively sloped and selectivity is key in this environment-  For S&P specifically..  Friday's lows of 2419.5 important to hold.. and under would drive down to near 2400-2 near late June lows-   While one could make the case that dips should be bought.. technically there isn't sufficient evidence yet to argue any type of low at hand, so a defensive stance still makes sense-   Gold and Crude up fractionally this am, while the US Dollar index is lower.   Premkt gainers in WUBA, JMEI, TSEM, FCAU, RENN, FCX, CHU, SBGL, LPL, while on downside-   RADA, INFY, CSIQ, BTX, FINL.  Let me know if you have any questions