As earnings continues to move the markets the S&P 500 (SPY  ) has seen days where it moves on its own. The summer time action has also caused lower volume and a smaller trading range. This is normal and should continue through the labor day holiday when volume picks up again. So far this week the SPY has basically been flat. For the year the index remains in a steady and strong uptrend with gains totaling over 10%.

The Nasdaq 100 (QQQ  ) is on a slightly different path in the short term as the FANG stocks have weighed on the tech heavy index. Apple's (AAPL  ) earnings announcement sparked a strong move higher which has helped keep the QQQ in a strong uptrend. While the short term volatility may have motivated the trader to adjust positions, the long term investor seems committed to the index overall.

The metals and mining sector (XME  ) has been retreating to start the week. Since June the sector has pushed higher, at one point up over 15%. As of last week though sellers have been in control pushing the XME back to technical support. The 200 day moving average is the most obvious spot that traders have focused on for at least a temporary stall in selling.

Financials (XLF  ) have been a leader this week so far with gains of over 1%. The relative strength has many assuming that prices will peak the highs of $25.32. Trend traders have been happy and sitting patiently, enjoying the 7% rally that started by in May. For the year the XLF shows gains of 8% with most of the gains being added only recently.

Lastly, the Dollar (UUP  ) continues its slide to new lows this week. The first few days of the week showed new lows each day on volume that was slightly above average. Technical traders note that this $24 area is a vital area and the bulls will want to see a bounce here. Trading below this area could further accelerate the decline which started at the first of the year. The UUP is now over 10% off of its high set in January.