The markets have started holiday shortened week the week by pushing to highs. The S&P 500 (SPY ) showed a small gain on Tuesday as it continues on it's march back to highs. In the short term many investors continue to feel that the SPY is due for a pullback. A measure of the stocks in overbought territory in the S&P 500 has now reached 91%. While this may seem like an overbought condition (and it is), the S&P 500 can spend extended amounts of time in overbought territory.
The Nasdaq 100 (QQQ ) is also still very much in an uptrend but technical traders note the 200 day moving average overhead as a notable resistance area. Year to date the QQQ is higher now by 11%.
Gold continued it's uptrend with a strong gain on Tuesday. The precious metal has been in a steady uptrend since November of last year offering very little in the way of pullbacks. Technical traders will note the approaching resistance of the prior high from last spring.
Consumer Staples enjoyed another move higher thanks in part to the response to earnings from Walmart. The Consumer staples sector is now by over 7% this year alone as it continues to try and erase Decembers losses.
Regional banks (KRE ) have stood out as strong this week as well. The KRE broke above some short term resistance on Tuesday as it continues to find strength from the bulls. The same problem is approaching though and that is the 200 day moving average in an overbought sector.
Metals and Mining (XME ) was one of the stronger areas to start the week thanks in part to the price of Gold pushing to highs. The XME is now higher by over 18% on the year as it continues to recover from last years strong decline.