The markets continue to be undecided at the highs. Thought Friday finished with new record highs, the S&P 500 (SPY  ) has yet to get started on any follow through this week. Part of the reason is the Federal Reserve interest rate decision due out Wednesday afternoon. It is typical that the markets trade slow ahead of that announcement and that is certainly the case so far this week. The SPY is still just a touch off all time highs so for now the bulls remain in complete control.

The Nasdaq 100 (QQQ  ) has continued full steam ahead though. Each day so far this week that QQQ has pushed to new highs thanks to earnings from tech names that have impressed investors. For the year the QQQ is higher by almost 30% and the low volume concerns of weeks prior has officially subsided. The bulls remain in complete control with very little signs of selling pressure.

Oil & Explorer stocks (XOP  ) have also continued their rally from last week. As the XOP continues to move out of an 8 month downtrend, the buyers have stepped up once again, pushing the XOP back to the 200 day moving average. Technical traders note that this is the last remaining resistance in the short term to officially call a trend change.

Metals and Mining stocks (XME  ) have not fared so well. As money rotates out of the space in the short term the XME has fallen almost back to the 200 day moving average. It is too early to tell if this is just some temporary weakness, or if money is truly rotating out of this ETF. For the year the XME has under performed compared to other sectors so it is speculated that money is being moved to more attractive sectors in the short term.

Lastly, healthcare stocks (XLV  ) are continuing to slide as well. Last week the XLV marked a new high but has been lower ever since. Since hitting that high the XLV is lower by 4% and shows no signs of stopping so far this week.