ES/NQ half-time update 7/23/19

The ES sold off from 3001 which was the 78.6% retracement from Fridays high of 3009.75 to its low of 2969.25. I didn’t take the trade as I had a bullish bias think we would test the 3009.75 level. The NQ also sold off from the 7964 level also below the 7980.75 high from Friday. The NQ has been the weaker of the 2 so far today. The FAANG stocks are all weak aside from AAPL which is also off its morning high. Semis are holding their own and are right near the all time high of 120.71. Financials are the standout group with strength with BAC leading the way above the 29.61 trend resistance. Th range in the ES remains tight 10 point range with the nq having a 54 point range since the open.

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