The markets have started the week trying to continue their win streak. The S&P 500 (NYSE: SPY) finds itself right at the 2,800 resistance area that technical traders have noted as a potential sticking point. So far this week that S&P 500 has been unable to push above this area. A lack of positive economic news along with slowdown in the volatility of earnings season has many looking forward for the next catalyst to push markets higher.
The Nasdaq 100 (NASDAQ: QQQ) has shown the ability to move beyond it's 200 day moving average and so far this week technical traders have been comfortable with it's ability to hold above the popular indicator. For the year so far the QQQ boasts a gain over over 10%.
Oil (NYSE: USO) prices pulled back sharply to start the week as President Trump tweeted his concerns that oil was still priced too high. Prices recovered slightly Tuesday as OPEC seemed to remain steady on it's current production levels despite Trump's concerns. The price of oil has been higher this year as OPEC committed to reduce production in addition to the effects of Venezuelan and Iranian sanctions. In the U.S. analysts expect crude inventories to come in higher for a sixth straight week.
Financials (NYSE: XLF) attempted to recover from an afternoon selloff on Monday just below the 200 day moving average, and have yet to show any signs of a recovery or attempt to push back above that area. The overhead resistance has been a focus point for investors assuming that the popular moving average will act as resistance in the short term. Many technical traders are prepared and ok with the potential for a pullback.
Regional banks (NYSE: KRE) have been slightly weaker than their larger rivals this week. The KRE has already begun to pullback from the 200 day moving average which may lend a clue as to the interest by investors to continue to participate in the financial space for now. For the year the regional banks have outperformed the large banking centers by almost double.