The markets have started this week with some weakness. The S&P 500 (SPY  ) has pulled back to a trendline support area as new trade battles unfold between the US and China. While many see this as just negotiating tactics, many are starting to wonder what real effect this "tit for tat" will have on the overall economy. The SPY is at a critical, technical support area in the short term.

The Nasdaq 100 (QQQ  ) has been able to shake off most of the Washington drama as tech names continue to push higher. With the exception of the Semiconductor space (SMH  ) on Tuesday the tech stocks continue their rapid move higher.

The Dow 30 has really been the main focus of investors this week thanks to it's exposure to global transports and manufactures that could really be affected by a full on trade war. The transportation index (IYT  ) pulled back aggressively on Tuesday as investors shifted money to other, calmer areas of the markets. For the year the transports are still higher by 2.5% but are starting to show some sluggish trading ranges.

Bonds (TLT  ) have shown a little push higher as investors look for safety trades in light of the trade news. The TLT has really had a few interesting months between the Washington news as well as the Federal Reserve gradually raising rates. For now the TLT remains in a wide trading range just under the 200 day moving average.

The oil and gas exploration ETF (XOP  ) has also traded back and forth this week which is to be expected. With the looming OPEC meeting on Friday it is quite likely that this volatility continues as investors position for the possible outcomes. The XOP is higher on the week by a fraction of a percent. Oil (USO  ) is also trading in a small range for the week.