The markets are enjoying another week starting near highs. Since the rally off the lows in December, the S&P 500 (SPY  ) has now rallied over 16% and finds itself right smack into the 200-day moving average. Many technical traders regard this as an area to act as resistance in the short-term, hinting at a possible slowdown or pullback in the recent rally.

The Nasdaq 100 (QQQ  ) is also at its highs relative to the December lows and has found itself at the 200-day moving average. For the week, the index is higher by just over 2%. With the overhead resistance, it could see a pullback in the short term.

The Mexican (EWW  ) sector ETF seemed to hint at a mini-breakout on Tuesday as prices moved above a range that has been in place since mid-January. The EWW also finds itself at the upper end of a downtrend line, which technical traders will regard as a strong resistance area.

Technology (XLK  ) has had one of the sharper runs this week so far with gains nearing 3%. The 200-day moving average remains a focal point for this sector as well, as it's only about 1.5% away from it. Technical traders note that the sector is already overbought in the short term, lending more credit to the resistance overhead.

Semiconductors (SMH  ) have enjoyed some of the benefit of this week's tech rally, and just like all the other areas of the market, is having to deal with the realization of the 200-day moving average above.

REITs (ICF  ) continue to be on fire this week with yet another rally. So far, the ICF is higher by about 1.5% and has managed to poke through 52-week highs. Since hitting that December low, this has been one of the more impressive sectors with a gain of over 16% all in one fell swoop.