The markets continue on their upward march to start the week. SPDR S&P 500 ETF (SPY  ) set a new 2016 high Wednesday. This positive start to the week comes as oil settled above $50 a barrel for the first time since July, further fueling investor sentiment. Energy and technology helped the markets by showing strong gains across the sectors.

Starting with Energy, the Energy Select Sector SPDR (XLE  ) jumped up 2.3% on the stock market today. Fueled by the bullish move in oil and the breakout of a popular technical trading pattern, the XLE is leading the week so far with over a 4% gain.

The semiconductor space continues to breakout to new highs as the SPDR S&P Semiconductor (XSD  ) added 0.9%. Technical traders noted the break out of an extended cup-with-handle base. The lack of excitement on this technical pattern was likely due to the fact that volume was below-average, suggesting a lack of institutional support. You may also note that the breakout followed three weeks of gains suggesting that maybe the move is a little exhausted in the short term. None the less, XSD was able to close Tuesday on its 52-week high.

Meanwhile, Health Care Select Sector SPDR (XLV  ) gave up 0.6% Tuesday as individual stocks in the sector saw some trouble. The health sector was one of the declining sectors in the S&P 500 Tuesday thanks to names like Vaelant (VRX  ) which reported a significant earnings miss. Other names to hurt the space so far this week were Alexion (ALXN  ), and Biogen (BIIB  ). Another popular biotech ETF (IBB  ) also lost over 2.5% Tuesday on the same news.

Lastly, the Financial space (XLF  ) has been mixed so far this week. This would cause most to conclude that investors are looking at the extent of the recent market rally and beginning to assume some short term weakness is due. The markets have historically been led by the financials so traders will be watching that sector for sure this week.