Although large caps remained level with a high Newton score, mid and small caps faded slightly. Overseas, momentum has stalled as the dollar abruptly stopped its decline. Among sectors, we are seeing fresh names on top as Staples, Energy, Financials, and Industrials lead the pack. Communications and Real Estate are at the bottom of the pile.

It is a busy week on the economic data front as we get a key decision out of the Federal Reserve on Wednesday. It is very likely we will see one more 0.25% rate hike after the Fed's initial pause at the last meeting. Whether this is the ultimate rate hike of the cycle remains questionable. Investors are still trying to parse through incoming data and the effect of policy lag on the economy.

It is also an especially important week for earnings as the focus turns to the heavyweight US tech firms. Despite facing quarter-over-quarter and year-over-year declines in earnings so far, the Q2 results have mostly met expectations 20% of the way through the reporting period.