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2 hours into trading, we see S&P has just surpassed yesterday's intra-day peak (ES-1.77% _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-2.87% , along with AVGO-2.15% , FSLR-0.52% , NOW-2.61% , and PANW0.20% , all which are higher by more than 2%. Software stocks are leading Semis today, and NXPI-1.35% , ON-7.24% , and TXN-0.68%  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-2.11% ) as the SummerOfSmallCaps 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

A rather unusual day for risk assets, as all 11 sectors are down on the day. yet big-cap Technology strength is helping XLK-2.26%  rise by +0.85% as AAPL-2.69%  breaks out above its $200 level that's held since last July. Other leading stocks within Technology include ANET-0.89% , CDNS-1.16% , NTAP-1.71%  and FSLR-0.52% . Two charts of AAPL shown below, daily and weekly. While the short-term momentum is getting stretched, the counter-trend exhaustion indicators remain early to show exhaustion by around a week and a breakout back to new all-time highs for AAPL is certainly important structurally and a larger positive for SPX and QQQ given its size