The markets have started the week a little mixed with the S&P 500 (SPY  ) trading back and forth. Sitting at six-month highs, earnings season continues to hold the S&P higher. With over 60% of companies now having reported earnings, the good results have the bulls happy for now. Rumors of behind-the-scenes trade discussions between the US and China have also made bulls happy.

Tech stocks and the Nasdaq 100 (QQQ  ) tell a slightly different story. The media has turned their attention to the FANG stocks and their recent sell off. Questions still remain about how these stocks will perform going forward, and with that in mind, the QQQ finds itself about 3% off highs.

Consumer staples (XLP  ) continues to sneakily push higher. Though it has yet to convincingly break above the 200-day moving average, the XLP is steadily moving higher, suggesting some sector rotation in play. Steady volume confirms the money moving into this sector.

Healthcare stocks (XLV  ) are also having a good week thanks to positive earnings from some of the big healthcare companies in the space. The XLV is sitting at 6-month highs, steadily adding to this already strong uptrend. For the week the XLV is higher by about 1.5%.

Oil (USO  ) started the week by losing almost 2% on Tuesday alone. With many investors starting to recognize the supply available around the world, many are questioning if $70 per barrel is too high. Technical traders are not too concerned just yet as any drop from here offers ample support areas.

Lastly, metals and mining stocks (XME  ) have continued their selloff this week. Last week the XME moved towards the 200 day moving average and this week nearly hit it on Tuesday. Gold hovering at lows doesn't leave much of a bullish argument for the miners.