Something's Missing from the Morning Bounce

After knifing lower on the back of a news-driven overnight futures trying session, equities staged an earnest bounce off the opening bell.

Even with the Dow rallying 200-points or so off the opening dive lower, however, I remain reticent to hop back into the market on the long side with any sort of aggression for a variety of reasons which we have been tracking for Members. 

One particular reason we are hitting on this morning is the relative and absolute weakness in the transports. On the Dow Jones Transportation Average, below on the daily chart, note the threat of an imminent breakdown below well-defined support at the 150-day simple moving average (red line). 

In addition, transport titans like FDX and UPS are notably weak (on top of their AMZN-related issues). 

The transports are often overlooked by many traders. But when they appear to be this vulnerable I am inclined to err on the cautionary side until they firm up, despite the likes of the homebuilders finally staging a long overdue relief bounce on the back of LEN earnings this morning.