The markets have traded completely back and forth so far this week. After starting strong on Monday, the S&P 500 (SPY  ) has completely reversed course and is now negative on the week. Comments from the Federal Reserve's new Chairman confirmed that rates will continue to move higher, as many as 4 times this year. The SPY sold off on this news, seeming to put an end to the markets recent push higher.

The Nasdaq 100 (QQQ  ) traded higher Monday to completely erase the severe declines seen just a few weeks ago, but by Tuesday had already started to retreat. The tech heavy index was not immune to the selling and finds itself also lower on the week at this point. Despite this, it continues to be the strongest index of the year.

Volatility (VXX  ) came back into focus as the markets sold off on Tuesday. The VXX shot higher by 10% on Tuesday alone as investors began to add hedges once again. The VXX has remained off it's lows which many traders think means higher prices to come.

Oil (USO  ) had it's worst day in over two weeks and was also not immune to the markets selloff on Tuesday. Oversupply continues to be the reason investors are moving away from the commodity, but a new round of inventory reports due out mid-week could change their tone. For now investors expect supply to continue to outpace demand.

Gold (GLD  ) sold off to recent lows Tuesday as the dollar (UUP  ) picked up some strength. Despite the markets sell off, investors took the time to sell gold as well. For the week the GLD is down just over 1% and technical traders note the important support at the $124.50 level.