The markets are off to a great start again this week as all the major indices have popped up to new all time highs yet again. Investors continue to show no fear of any downward movement which has sent the S&P 500 (NYSE: SPY) up 0.60% so far this week. Keep in mind that the markets were closed on Monday. The SPY is now up over 5% just for 2017 already with eight of the last nine days in the green.
The Nasdaq 100 (NASDAQ: QQQ) continues its impressive march forward hitting new highs as well. For the week the Nasdaq is up a half of a percent and is also at all time highs. The move since the beginning of the year has been slow and steady with over 80% of the days being positive. The last time the Nasdaq 100 had such a consistent start to the year was five years ago.
Financials (NYSE: XLF) added another 0.50% to start the week and, you guessed it has hit new all time highs again. Traders continue to chase the breakout from last week with absolutely no concern for these higher, premium prices. According to traditional technical analysis the breakout that occurred last week should have enough strength to move to $26 so there is potentially another 5.75% left in this move at least.
The tech sector (NYSE: XLK) is absolutely on fire. The XLK hit new highs Tuesday and now shows a gain of over 7.5% on the year. Like the Nasdaq 100 the XLK has shown green days almost 80% of the days so far this year. With this type of move there is little in the way of resistance that technical traders can use.
Lastly, retail stocks (NYSE: XRT) have started well thanks to earnings from Home Depot (NYSE: HD), and Wal-Mart (NYSE: WMT) which show a strong retail presence, or at least stronger than anticipated. The XRT has added 1.12% so far this week which continues its nice move off lows last week. In the short term traders see resistance at the $45 area.