The markets and index ETF's continue their wild ride this week. For the last 13 trading days the stock market has continued to be in a time correction mode where investors play tug of war with no real winner. The S&P 500 (SPY  ) has made it back to the upper end of it's recent range but the real concern is still hovering around the 200 day moving average support. With the type of volatility seen recently, it's only a matter of one bad day and that support area could be convincingly broken. For now, investors seem mildly bullish.

The Nasdaq 100 (QQQ  ) has also been in time correction mode. The 200 day moving average is still in focus but so far this week the tech heavy index has not challenged the popular support area. For the year the QQQ is still holding on to a gain of 3%.

Energy (XLE  ) finally broke out of it's two month range on Tuesday thanks in part to strong oil prices. The price of oil shot higher by 3% which was all the fuel needed to get the energy space out of it's slumber. Since the February decline the XLE has hovered above and below the 200 day moving average, stuck in a range. Tuesday the move above came on heavy buying volume as traders flocked back to the space.

Commodities (DBC  ) also broke out of a popular technical pattern on Tuesday. The DBC has been trending higher but unable to make new highs. This pressure built up to a point where the bulls took control and forced the sector above the resistance. For the week the commodity sector is up over 3%.

Finally, financials (XLF  ) remain in a vulnerable position as well. The sector is sitting on top of the 200 day moving average, but one bad day could put enough pressure on the S&P, as well as the XLF, causing both to break below their support levels.