Earnings are the driving focus so far this week. Many of the big names are releasing earnings which has caused a bit of back and forth in the major indices. The S&P 500 (SPY  ) started the week quite strong. Most importantly, Monday's rally held on strong all day long. This is a departure from prior days where early morning strength was erased by afternoon sellers. The SPY will likely spend the rest of the week responding to earnings from the company's it holds.

Oil exploration (XOP  ) continues to be a weak spot. This week the ETF has picked up right where it left off..With more selling. From last weeks highs the XOP is now down over 6% in just four trading sessions. Oil prices have remained steady in that time period so, just like the markets, the movement is largely due to earnings.

Healthcare (XLV  ) traded to new monthly lows on Tuesday thanks mostly to traders response to Johnson and Johnson (JNJ  ) earnings. The move Tuesday sent the XLV under its range set last month. Unless earnings continue to disappoint in this sector it's likely that long term investors will be looking towards the 200 day moving average as a new entry point.

Lastly, the Dollar (UUP  ) which has been on a wild "Trump tweet" ride has continued to move in the Presidents favor. After commenting last week that the Dollar was getting too strong it looks like Trump is getting his way. The UUP has been lower this week so far and continues to head towards the short term support area of $25.50.