So far this week it has been more of the same for the market ETF's and most sector ETF's. With the news of the Government reopening the markets pushed to new highs yet again. The sentiment overall is quite bullish at the moment and all news is good news. The S&P 500 (NYSE: SPY) finds itself at all time highs again and in almost a perfect, vertical pattern higher. There have only been a few down days this year so far and volume remains consistent to the upside.
The Nasdaq 100 (NASDAQ: QQQ) is in a similar position, with just a touch more strength thanks to strong earnings from popular Nasdaq names. The QQQ is higher by almost 9% so far this year and with consistent volume, shows no signs of stopping.
Consumer staples (NYSE: XLP) continue to get their bid after breaking out last week. The XLP has been strong so far this week and remains at highs. Many see this as a small sign of rotation into more protective names as the market rally seems a little extended.
Retail stocks (NYSE: XRT) has also been quite strong and continues this pattern this week. The XRT is now higher by over 8% on the year but the real success started back in November. Since hitting a low on the 8th of November the XRT has been straight up with very little pauses.
Finally, after pushing to new lows early in December, the Mexican ETF (NYSE: EWW) has reversed course. Technical traders will now agree that the EWW has ended it's downtrend. Though the 200 day moving average seems to be in the way for now, the consistent push higher has many trader thinking that it will overcome this short term resistance level.
For now it's business as usual with the bulls in complete control and the bears left licking their wounds.