The markets have shown some patience at highs as the bulk of earnings season has passed. The S&P 500 (SPY  ) continues to make new highs but has once again entered that pattern of slowly trending higher with little force by the bulls. For the week the SPY has hit highs twice but has been met with a slight bit of selling. For the year there is still no arguing the strength of this market and bulls remain rewarded for their patience.

The Nasdaq 100 (QQQ  ) has been the stronger index of the group, hitting highs each day but not showing the same, slight sign of selling pressure. For the last three days the QQQ has hit new highs and volume remains around average.

A notable sector to look at is the Consumer Staples ETF (XLP  ). Though the XLP has struggled in weeks past, Tuesday it showed a very strong day by the bulls, completely erasing Friday's decline. While this is still very early to call a rotation, or bottom, the XLP has made an attempt to try and stop the bleeding. At least for now.

The Russell 2000 (IWM  ) has been a contrarian this week. Tuesday the IWM moved below a multi-week range and closed near the lows suggesting that the bears are gaining control. For now the index is just off highs but the bulls could not stop the selling pressure this time.

Transportation stocks (IYT  ) continue their selloff this week with Tuesday pushing to new 2 month lows. The sector has been under pressure since hitting a high back in October. Technical traders are excited at the opportunity to buy a dip, but support is still a few dollars lower.

Lastly, Mexican ETF (EWW  ) continues to try to reverse course this week. Monday the EWW conitued it's bounce off lows with an aggressive, positive day. Though Tuesday was a bit of a break for the ETF, the bulls still seem to think they have found a bottom. More will need to be done from here though to get the masses to pay attention.