Not an encouraging effort as early breakout attempts failed, making an UPSIDE DOWN V shaped severe pullback to near key 2700-5 lows of this recent pattern. Bond yields were the initial culprit, and the breakdown in Yields resulted in Financials following suit, while Technology also weakened, with Semis providing the non-confirmation there, with a failure to also make any meaningful headway. Breadth had lagged during the entire am on rallies, but went from 3/2 positive, down to -2.5/1 negative by the close. while Energy was a Safe haven, it was just tough trusting the initial pop in Industrials with the rest of the market not really paying attention. Overall, the wave structure seems to suggest a final pullback into end of month, and with Fear gauges now rising and evidence of hourly positive divergence, this pullback very well could end like others have this year, bottoming out in the next 3-5 days to start the new month and Quarter, and a mild rally attempt into and slightly beyond the holiday before selling pressure again come mid-month. We'll simply need to see some evidence of more sectors starting to stabilize to have much confidence in stocks here. Industrials, Transports both look close, as do Materials, while Technology and Financials still look like a source of weakness between now and end of week- Gold meanwhile has arrived at nearly the perfect area of trading support, and is now interesting again to buy dips after this 7% 100 point pullback from the recent highs. One should look here near 1240-55 in the next 2-3 days for possible signs of this pullback holding and turning back higher.