The markets have been mixed this week ahead of the Federal Reserve rate decision. As investors focused on trade news and other Washington news the S&P 500 (SPY  ) has ever so slightly moved off all time highs set last week. The overall trend remains in tact for now but the cloud that surrounds the history of the last two weeks of September continues to loom. Many expect slightly lower prices into the months end.

The Nasdaq 100 (QQQ  ) has been positive for the first part of the week but upon closer inspection one can see that the overall trend for the last few weeks has been flat to sideways. The tech stocks have been mixed so far this week with no real consistency in working together on the upside. For this reason the QQQ remains in the range.

With an almost certain hike in interest rates on Wednesday the sensitive sectors have been sliding. The real estate sector (FREL  ) has sold off all the way back to the 200 day moving average in just the last few days. In just the last few trading days the FREL has sold off about 4%.

Utilities (XLU  ) have also been weak as they respond to the looming interest rate hike. While most expected the rate hike to take place, the language out of the Fed is what has these sectors selling off. More talk about gradual rate hikes along with any confirmation of a rate hike in December could further push these sectors lower.

Lastly, anything energy related has continued on it's gains from last week. The Oil and Gas Explorers (XOP  ) hit a two month high on stronger oil prices. Oil has been strong lately as production numbers that the U.S. was hoping would increase have not yet. Also, comments from OPEC that they would not be able to produce more in the short term has held oil prices firm.