The markets have been abnormally quiet so far this week. After a string of positive weeks, this week has been mostly sideways. Market ETFs continue their multi-week rally, but just barely. The S&P 500 ETF (SPY ) is up just over 1% for the week so far, as it floats around the even line for the YTD performance. The Nasdaq 100 ETF (QQQ ) has fared slightly better, gaining 1.70% so far this week but still shows a 3.06% loss on the year.There aren't many stand out sector so far this week but healthcare and biotechs are trying to lead the way. The iShares Biotech ETF (IBB ) has had an impressive rally of recent lows. This week the IBB has already posted a 4.62% gain. Technical resistance is approaching but volume remains heavy as buyers continue to support.
Popular healthcare ETF (XLV ) has also seen a nice boost so far this week. Most of the action came Tuesday as heavy volume sparked a 1% rally. Technical traders will note the approaching resistance. This week will be a real test of XLV's strength.
Traders are talking of important technical patterns on a few other ETF's, but mostly the markets are quiet. The Tech ETF (XLK ) has proven to be strong recently but finds itself at 52 week high resistance.
After a recent rally the Oil service ETF (OIH ) finds itself in a tightening pattern right at a popular trend line resistance area. This sideways movement has many wondering if a breakout is in the near future.
