It's been a mixed bag so far this week as investors look for any reason to stay bullish. With the exception of the Nasdaq the major indices have continued to remain near all time highs.
The S&P 500 (NYSE: SPY) has traded inside of a narrow range so far this week with little progress by either the bulls or the bears. The S&P 500 still boasts a positive start to the year but as of now has shown little effort to push to new all time highs again.
The Nasdaq 100 (NASDAQ: QQQ), on the other hand has been barreling to new record highs seemingly every day. As of Tuesday the Nasdaq 100 has been positive each day of the 2017 year with relatively consistent volume. For 2017 the Nasdaq 100 is up just over 2.5%.
Gold (NYSE: GLD) continues to be positive this week following a strong rally off December lows. Since that December 15th low the GLD is up almost 6% and each day this week has been able to find a few more buyers to push it even further. This has taken the Gold Miners (NYSE: GDX) along for the ride as well, up 21% since the same December low.
The utility sector (NYSE: XLU) broke down out of a three week range on Tuesday. Although volume was light the pressure was consistent as technical traders look to catch the next move lower. The Utility sector is highly sensitive to changes in interest rates and many have been waiting for the opportunity to bet on the downside.
Lastly, the Healthcare sector (NYSE: XLV) so far this week has picked up where it left off last week, adding another 1% to the impressive rally. Since the beginning of 2017 healthcare has added over 3% as insurers look to benefit from the Obama care overhaul fight set in Washington. Analysts continue to predict that this will be one of the more volatile sectors as the year plays out.