Looking at the sector ETF's with a top down approach, technical traders placed their bets that a short term pullback is the next likely event. The Financials (XLF  ) find themselves extended and sellers dominate so far this week. Technology (XLK  ) also seems to have found some short term sellers. Health care showed technical traders the infamous topping tail on Tuesday, which hints at lower prices. Oil (USO  ) also has seen weakness to start the week. Add all these up and you have over 50% of the S&P 500 looking a little top heavy.

The S&P 500 (SPY  ) spent the first trading day of the week moving to new highs. The SPY opened with almost a 1% gap higher but it wasn't able to hold on. By the end of Tuesday the SPY fell into negative territory which many felt signaled a temporary top. This type of reversal pattern is historically, at least a short term top.

The Nasdaq 100 (QQQ  ) showed a similar start to the week which the technical traders will confidently call a top in the short term. For the year the QQQ still has a nice gain, so a small pullback would likely wet the Bulls' appetite to buy at a discount.

Volatility (VXX  ) is the real story so far this week. The VXX shot higher by 6% almost from the market open. Before the selloff in the SPY and QQQ the VXX was already headed higher which further confirmed that traders think we have reached at least a temporary top. Tuesday was the best day for volatility in months.

Gold mining stocks (GDX  ) sort of hinted on Friday that the safe play may be on. Tuesday the GDX was higher by 1.5% with trading volume a little higher. This could signify more of a rotation move rather than a short term round of buying. Since marking a low back in December, the gold miners have been almost straight up, adding over 14%.

Healthcare (XLV  ) also finds itself extended at highs. Though it was able to stay positive on Tuesday, the sector ETF did close well off it's highs as short term traders took profits. Since breaking out late in December, the XLV has added over 3%, but in the short term may be due to pullback.