The bounce in US Equities has gotten underway with a very strong move (yet again) out of Small-caps, which are dominating this morning's rally, and swamping SPX returns (IWM higher by ~2%, vs an S&P rally of +0.44%) Transports are up 2% and particularly good strength out of Materials, Industrials, Financials, REITS, all of which are up more than 1%. The only down sector today is Consumer Discretionary, (and this is on an Equal-weighted basis, not based on XLY) as Ford F -0.10% , LKQ -1.02% , and LULU 0.64%  are all lower by more than 7%. As can be seen, Dow Jones Transportation Avg has found strong support near the area from former downtrend from March as well as uptrend from June, and this intersection has created some stabilization and a very sharp 2% rise to 3-day highs off this week's lows. that is very encouraging towards Industrials and it's notable that Airlines are higher today, despite some bad profit outlook guidance by AA -1.29% . See Transport daily chart below. I expect a push higher to test and exceed $16,307 for DJ Transport Avg which was hit in early July