The markets have started the week mostly higher thanks to strong earnings on almost every name that has reported. The S&P 500 (SPY ) finds itself at it's highest point since early February, with only the all time highs as resistance left.
The Nasdaq 100 (QQQ ) is also trading at highs, marking a new all time high on Tuesday. Good earnings from Alphabet (GOOGL ) as well as the expectation of more strong earnings from tech names this week sent tech stocks higher early in the week.
Interest rates have pushed sharply higher which has held back those that are sensitive to such increases. Home builders (XHB ) have sold off all week so far after hinting last week at a move above the 200 day moving average. Reits (ICF ) have also pushed lower on the same rate sensitivity, giving back a,most 3 weeks of gains seen through the month of June. Technical traders are eyeing the 200 day moving average as the next likely support.
Emerging markets (EEM ) popped out of a short base on Tuesday following some news out of China that they would support their markets with fiscal policy and practices. The ETF has been stuck in a small range ever since hitting a low back in June but the move on Tuesday helped spark the next round of investors.
Healthcare (XLV ) popped to highs as well as the slow, consistent uptrend continues for the space. The XLV has been pushing higher since March and technical traders note the clear skies back to the highs given that it is the next obvious resistance area.
Lastly, volatility (VXX ) is hinting at hitting lows thanks to a strong earnings season and a steady market overall. So far this earnings season has given investors no reason to expect more volatility. As of now only 20% of the S&P 500 has reported leaving much time for changes to sentiment.