The markets have had a shaky start to the week but have held up well. The S&P 500 (NYSE: SPY) finds itself just off highs but with some short term weakness. Though it is still higher for the week the first few days of trade have seen more selling pressure than in weeks past. For the year the SPY is still in a comfortable uptrend with only minimal selling pressure.
The Nasdaq 100 (NASDAQ: QQQ) continues it's strength as well but has also seen some weakness this week. Hovering just off the highs the QQQ is still undoubtedly strong but concerns over tax reform has caused a slight increase in volatility that hasn't been seen recently
The Euro (NYSE: FXE) popped 1.07% on Tuesday which is an above average move for the currency. Leading up to the pop Tuesday the Euro was trending higher and in the short term the bears will have to weigh their risk to reward.
Oil (NYSE: USO) continues it's pullback this week with a loss of 2.20% on Tuesday. Though the decline was aggressive, investors are content to wait it out given the recent rally. Since marking a low in mid-June the USO has enjoyed a steady 28% gain. For now the trend remains higher and the bulls in control.
The slide continues in the metals and mining space (NYSE: XME) with another 2% drop so far this week. Since hitting a temporary high back in October the pressure has been consistent to the downside and the selling volume remains consistent.
Finally, investors continue to rotate into consumer staples (NYSE: XLP). Following an impressive bounce last week, the XLP continues it's run this week. Trading positive each day so far the XLP now finds itself at the 200 day moving average where technical traders will have to place their bets on the next move.