Russell vs SPY broke out of a 3-year downtrend this week. I discussed this in reports over the last week & what this near-term Mean Reversion means for S N/A% ummerOfSmallCaps (IWM -0.46% )

2 hours into trading, we see S&P has just surpassed yesterday's intra-day peak (ES -1.47% _F- 5616) by S&P Futures which has helped this rally to accelerate. Breadth is just mildly positive, and Financials and REITS are the only two sectors higher today on an Equal-weighed basis, Technology is largely flat, but XLK is up +0.28%, powered higher by a near-4% bounce out of CRWD -1.34% , along with AVGO 0.76% , FSLR 1.36% , NOW -0.60% , and PANW 0.51% , all which are higher by more than 2%. Software stocks are leading Semis today, and NXPI 1.68% , ON 1.73% , and TXN 0.15%  are all lower by more than 3%, and SOX is lower by -0.85% at a time when XLK is outperforming. Transports are lower by 1%, but Small caps are showing stellar strength, up by 1% (IWM -0.46% ) as the S N/A% ummerOfSmallCaps has arrived. Both US Dollar and Treasury yields are pulling back from earlier bounce attempts, TNX still down -0.02bps - Target initially for S&P Futures lies near 5721