The markets have started the earnings season with a push higher as investors position ahead of what will very likely be an active earnings season. The S&P 500 (NYSE: SPY) has moved back to the highs set back in May and investors seem to be happy buying it up to this point.
The Nasdaq 100 (NASDAQ: QQQ) has very nearly set all time highs again as tech stocks continue their push higher. The tech space continues to be a major focus for investors but analysts are concerned that earnings disappointments could ruin the rally.
Consumer staples (NYSE:XLP) stocks continue to move off their May lows following a good earnings report from Pepsi (NYSE: PEP). Tuesday, Pepsi was the best performer in the sector with gains of over 4%. Investors continue to slowly move money into the sector on economic concerns that may come to light during this earnings season.
The Mexican ETF (NYSE: EWW) continues it's rapid move higher from last week with gains of over 1% so far this week. Last week the EWW pushed rapidly into the 200 day moving average, recovering over two months worth of losses.
Technical traders have noted the recent break above resistance in the energy sector (NYSE: XLE). This week the bulls continue to push into the space following the break of a short downtrend. For the week the XLE is higher by just over 2%.
Lastly, volatility (NYSE: VXX) has moved all the way back to the lows of June as the markets seem to move on from the tariff news. This may come to an end as news came out after hours on Tuesday about more tariffs that sent the futures markets lower going into Wendesday.