The volume was high on Monday (see arrow), which was consistent with the formation of a key reversal day. The QQQ needs to overcome Monday’s high of $269.70 to reverse the signal. All four of the FANG stocks were lower for the week, but Netflix, Inc. (NFLX) was the weakest, down 10.2%. Though they added ten million subscribers and boosted earnings by 163%, their third quarter outlook for earnings was disappointing. Specifically, the Empire State Index, Industrial Production, Retail Sales and the Philly Fed Index were all better than the consensus estimates.

Source: Forbes July 19, 2020 17:37 UTC