The market has been all over the place. There was a major pullback earlier in the day on news JPMorgan CEO, Jamie Dillon, is leading another rescue effort for First Republic Bank (FRC). But the decline did not last for too long.

The S&P 500 is now finding enough buyers and breaking above its 50-day moving average (3936).

Traditional defensive sectors,  Energy (XLE) and Materials (XLB), are outperforming by a significant margin. Bank stocks remain in the spotlight with the SPDR S&P Bank ETF up 2.5%.

There is important data out this week, but it does not have the same level of influence as the data in the past week. The Federal Reserve’s rate decision later in the week is the most anticipated event.