The markets started the week with a strong move lower following some concerns about White House comments on Chinese relations. The S&P 500 (SPY  ) fell below it's short term trend line and began it's movement back to the 200 day moving average.

The Financials (XLF  ) have been one of the sectors that continues to hold the markets down. This week so far the XLF has moved back towards the lows of the range. This trend-less range has been in place since March and currently traders are anticipating that the lower end of the support may give way to more downside.

Technology (XLK  ) has continued it's pullback from highs. Last week the tech stocks started to show weakness that spilled over into this week. The White House made comments about limiting investment in US companies by the Chinese which caused nearly every stock in the sector to fall. Most traders will accept this pullback so far given the gains seen in this space.

The Nasdaq 100 (QQQ  ) has seen some weakness this week as well. The tech heave index fell below it's short term trend line with an aggressive decline on Monday. Technical traders will be looking for more of a decline in the short term before considering a buy off support.

Gold (GLD  ) continues to slide lower and lower. This week so far the GLD has moved to new yearly lows as investors continue to pull money out for better performing sectors. The price of gold is now nearing $1250 per ounce.

Real Estate Investment Trusts (ICF  ) have continued their push higher. The REIT space has been in a steady uptrend since February and investors continued to buy it up this week. Many of the REIT's in the space have also performed well now that interest rate hikes for the rest of the year are mostly confirmed.