Many of the market ETF's continue to push lower this week but do offer some signs of strength, if even only slightly. The S&P 500 (SPY  ) broke through the 200 day moving average once again this week as investors respond to the many earnings announcement that have come out and are due to come out before week end. On Tuesday the SPY started the day sharply lower but investors mostly looked to buy that dip.

The Nasdaq 100 (QQQ  ) also broke through the 200 day moving average but investors have been buying up that dip so far this week. With major names due to report earnings by the end of the week, many are confident that the QQQ will remain quite volatile for the duration of the week.

Oil (USO  ) has been one of the weakest areas this week thanks to continued comments out of Saudi Arabia which suggest higher output from the OPEC nation. There are also some geopolitical stresses on the different nations which has also had energy and oil traders a little less excited to take on any risk at these levels.

Home builders (XHB  ) got a much needed bounce on Tuesday as Pulte Homes (PHM  ) was the first to report earnings which showed a slight increase in sales along with cost cutting measures that helped them report a decent quarter. Investors looked towards the other names with the assumption that the industry is adapting rather quickly to the slowdown in the sector.

Transportation (IYT  ) stocks broke to lows again this week, now sitting at prices not seen since April. Investors in this sector have much to look forward to as UPS (UPS  ) is due to report earnings along with many other transportation stocks in the coming week and a half.