So far this week that markets have been higher yet again. With all eyes on the Federal Reserve and their potential balance sheet unwind, investors have been content to put risk on ahead of this. The S&P 500 (SPY  ) hasn't quite pushed to new, all time highs just yet but has been positive so far. Just a fraction of a percent is all that is remaining to get above the prior highs. Volatility in the SPY has been light as well, with small range days so far this week.

The Nasdaq 100 (QQQ  ) is showing a similar story. While Monday was a little more wild than the S&P, it also remains just a fraction off all time highs. This is typical ahead of Fed meetings as investors like to wait until the Fed confirms its next move. For the year the QQQ still boasts over a 20% gain.

Retail (XRT  ) has been week so far, lower by almost 2%. A closer look though and you want to forgive the temporary weakness as the last few weeks have mounted up to almost a 10% rally. So far the pullback this week has been on low-to average volume so many feel its just a little profit taking by the short term traders.

Healthcare (XLV  ) has also pulled back this week as investors take some risk off. Next week the Republicans will once again try to repeal Obamacare and with that uncertainty ahead, many feel its just better to sit on the sidelines. The XLV is lower on the week by almost 1% but still holds on to almost a 20% gain on the year.

Though the markets haven't supported the move as much, the financials (XLF  ) have quietly pushed higher this week. The XLF is up almost 2% through Tuesday and once again, closing in on new highs. The Fed news will most certainly direct this ETF going forward so for now it's a waiting game.