The markets started this week with a bit of back-and-forth. The S&P 500 (SPY  ) continues to be in a tight uptrend with only mild volatility. On Tuesday, the SPY pushed to new all-time highs as traders shrugged off the new, tit-for-tat tariffs in the ongoing US-Chinese trade war. The SPY has yet to experience its traditional September volatility, but there are still a few weeks to go.

The Nasdaq 100 (QQQ  ) started the week with an aggressive one-day sell-off of over 1%, but by Tuesday moved back towards highs once again. The QQQ has become slightly more volatile in recent days, but with prices remaining near highs, it's hard for anyone to call a top just yet.

The metals and mining sector (XME  ) has been one of the leaders this week with a move of over 2% already. The sector has been underperforming of late, but technical traders could argue that the downtrend that began back in May might be coming to an end.

Consumer Discretionary (XLY  ) has also been somewhat volatile this week, with prices dropping by 1% on Monday, only to recover those losses by Tuesday thanks to big moves in names like Netflix (NFLX  ) and Amazon (AMZN  ). Technical traders note that this uptrend is still very solid and has not moved too far too fast like other sectors.

Lastly, Transports (IYT  ) initially sold off this week thanks to earnings from FedEx (FDX  ), but the railroads helped pull it from lows. Names like Union Pacific (UNP  ) and Norfolk Southern (NSC  ) were leaders in the S&P 500 Tuesday, propping up the transportation sector.