The markets have shown some strength this week as earnings season officially gets under way. The banking stocks (XLF  ) have seen the most action in terms of trading as a handful of the larger banking stocks have reported or will report earnings this week The XLF has been positive to start the week and has continued it's march back to the 50 day moving average.

Healthcare stocks (XLV  ) have also benefited from the start of earnings season as United Healthcare was once again able to show a beat on earnings which fueled a Tuesday rally. This helped push the XLV back above the 200 day moving average where it has had some struggles in the last few trading sessions.

The Nasdaq 100 (QQQ  ) inched back above it's 50 day moving average after posting almost a 2% gain on the day. Netflix (NFLX  ) reporting that they would be raising prices helped support the tech based index and all the FANG stocks.

Communication services (XLC  ) has now been above it's 50 day moving average for the last 6 sessions and has traded in the positive so far this week. The XLC was the first sector in the S&P 500 to get back above it's 50 day moving average and hasn't looked back since.

Reits (ICF  ) have fought off the battle of the 200 day moving average this week and now face the resistance of the 50 day after already being higher by 7% in just the last 12 days. Technical traders are anticipating a pause here given the short term, overbought position of the ICF.

Transports (IYT  ) are one of the lagging areas of the markets lately and so far this week remains basically unchanged. The IYT currently sits just under 4% from the 50 day moving average.