All section so the US treasury curve -- save the long end (bottom chart) -- are trading at or near highs of near 6-month long trading ranges. This tells us that traders are still concerned about the economy and are keeping the risk on trade going full steam.
The transports are in a very interesting, longer-term technical situation. For most of this year, they have been trading in a very tight range. While the markets were rallying earlier this year, this lack of advance was concerning. However, now that the markets are in a weaker technical position, the fact the transports are holding their own is somewhat comforting, indicating that traders are aren't in the mood to sell the market as sharply as recent action would lead one to think.
And while we're on the topic of trading ranges, gold is also in a near year-long trading range as well.
