Nike on the Surface, UA Underneath It

Nike reports earnings tonight after the bell, in what is otherwise a slow earnings week. The Dow component is obviously a major component of the consumer discretionary complex. Along with DIS HD SBUX, the consumer titans have been relatively weak for a few months now, if not quarters in some cases.

While many eyes will be on NKE's numbers on a standalone basis, I suspect the pin action for Under Armour, a clear NKE rival, will be interesting. On the updated weekly UA chart, below, the name is still leaning against $38 support, the low end of a massive consolidation following its prior multi-year run-up. 

UA does not report for another month or so. Thus, the market's reaction to NKE earnings should be telling as to whether buyers are looking for an excuse to bail or to swoop in for a run at least towards the upper end of this consolidation. 

As for the market at-large, bulls continue to show courage when it matters most, especially in the face of DB and USO weakness. But now they must sufficiently hold upside for further gains to the top end of our recent range near all-time highs. 

More in my recap after the bell.