Most of the markets continue to be in a choppy range this week with a slight bias to the down side. Short term traders have been unable to get a firm grasp on the next likely move in the markets as one day seems to contradict the next day. There are some bright spots and weak ones which we will highlight today.

The Nasdaq 100 (QQQ  ) continues to be the strongest of the big 3. Although it is also range bound in the short term, it remains near its all time highs with very little signs of selling pressure. Every push lower is met with swift buying which pushes it back to new highs yet again.

The S&P 500 (SPY  ) is the one market that has sparked some concern recently. The inability to re-touch, or break all time highs has led to some pressure to the downside and increased volume. Although it is still positive for the year, traders are left concerned that we may have put in a temporary top as technical analysis traders are noting the recent lower high.

Gold (GLD  ) was the highlight Tuesday as it absolutely collapsed. The GLD was off by almost 3.5% in its largest one day move in months. The pressure to the downside continued all day long with more and more selling volume. This took along the Gold Miners (GDX  ) as well. In just one day (Tuesday) the GDX lost almost 10%.

The plummet in gold sent the dollar (UUP  ) to new two month highs Tuesday. This week has been active for the green back. Tuesday's excitement helped the dollar break out of what technical analysis traders would call a "flag" pattern. The breakout on Tuesday led to an increase in volume as traders anticipate the bullish move to continue.

Lastly, bonds (TLT  ) have been on a multi-day losing streak which continued into this week. Losing 1.17% on Tuesday, traders have become concerned recently about the possibility of a further slide. Technical traders note that the fact that it closed Tuesday right on its low, shows signs of continued pressure from the sellers.