After a strong move higher last week the S&P 500 (SPY  ) finds itself pulling back. So far this week the SPY is in the red which many are accepting of considering the recent runup. With news out of China and the 10 year note on the rise the SPY has struggled to find new bulls to buy it up.

The Nasdaq 100 (QQQ  ) has been a little weaker so far thanks to pullbacks in names like Tesla (TSLA  ), and Apple (AAPL  ). Technical traders will note the possibility of a short term uptrend developing so this pullback so far this week seems all a part of the process.

Gold (GLD  ) was a big headline Tuesday as the price per ounce fell below $1300 for the first time since December. The GLD sold off 1.61% on Tuesday alone, falling below all short term technical levels in the process. Technical traders also took note of the close below the 200 day moving average as well.

Volatility (VXX  ) shot higher by 7% on Tuesday as investors took the opportunity to hedge in the short term. With global tension back on the rise, investors were taking no chances. For the last few weeks volatility has slid lower, staying out of the front page news.

With the spike in interest rates so far this week, the homebuilders (XHB  ), along with other interest rate sensitive areas of the market have fallen to lows. The HXB is just a a few cents from breaking yearly lows as it's steady downtrend continues. For the year homebuilders have lost almost 15% with no end in sight.