Mid day – they can’t go down!

ES/ NQ sold off from initial res ( see prior posts this morning). They both bottomed above yesterdays lows. ES so far is having an inside day while the NQ which had an inside day yesterday took out yesterdays highs and made a new year high using pit only data. The IWM broke through yesterdays high of 156.7 – traded 156.76. Currently, it is back below. FANG seems tired. AAPL is struggling by as of now is above yesterdays low.

SMH is very strong. XLK is the monster making new all time highs this mornings. Banks are hanging in there during the hearings. The reaction to earnings will be the tell. The afternoon depends on weather the ES can find a bid and get through yesterdays high. If so I think we get a strong afternoon move up. If not the chop will continue. Overall, the market is extremely strong as it is working off overbought conditions while staying strong.

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