The markets continue their trend this week as the markets regain short term strength. The S&P 500 (SPY  ) finds itself headed back for all time highs after closing strong off Monday's close had traders thinking long in the short term. The SPY is up over 5% this year but has struggled to find its momentum in the last few weeks.

The Nasdaq 100 (QQQ  ) continues to be the strongest of the group and sellers continue to avoid the name. So far this week it has made all time highs twice, briefly poking to new highs on Monday and solidly making new highs on Wednesday. For the year the Nasdaq is up over 12% and there is just no real sign of weakness anywhere.

Retail stocks (XRT  ) has almost given back all of last week's gains. After hitting its high last week the retail sector is lower by over 3% all in one, fluid move lower. With support around $40.50 many traders will be watching closely to see if there is any sign of strength. Unfortunately most of the leading stocks in the sector have also given back all of last weeks gains.

Oil (USO  ) continues to be an impressive mover this week with another 3% gain so far. From its prior low the USO is up over 9%. While the short term is exciting the longer term traders note that the USO still remains range bound, stuck between $10 and $12.

The Mexican ETF (EWW  ) broke to new 2017 highs this week and still has not seen much selling. Since setting a low first thing this year the EWW has been straight up with very little in the way of selling. Traders are now talking about the resistance area around $53 as a short term target for longs that participated in the recent rally.