The markets have continued on their win streak from last week. The S&P 500 (NYSE: SPY) is now within 1% of all time highs yet again. The SPY has steadily been climbing through earnings season and is now higher for the 4th day in a row. For the week the SPY has added almost 1%.
The NAsdaq 100 (NASDAQ: QQQ) finds itself less than a half of a percent from hitting new highs as it too shows great strength in the last 5 days. Thanks to biotech stocks as well as further strength in tech stocks the QQQ remains the strongest of all sectors in recent weeks.
Financials (NYSE: XLF) also has done well this week with gains of 1%. The most important part of this recent strength in the XLF is the fact that sellers have mostly disappeared. This is a complete difference from last earnings season where the financials sold off at every possible moment.
While retail stocks (NYSE: XRT) had looked like they were topping out recently, this week they have come rapidly back to highs. Sitting in a wide range at highs, technical traders are waiting for the potential breakout to start the next move. With earnings from many retailers still pending, that could be just what they are waiting for.
Transports (NYSE: IYT) started this week right where they left off last week, pushing higher in a straight line up. The Transports have added just over 1% so far this week, adding to their gains of over 6% for July. Technical traders note the only resistance left at the highs of $206.73.
Finally we have consumer discretionary stocks (NYSE: XLY) which are just a touch off highs. After a few weeks of some volatility the sector seems to be hinting at highs yet again. $113.57 is just a few cents away which would put the sector higher by almost 15% on the year.