If you were to sum up the key theme emerging from second quarter earnings season with one phrase, it'd have to be: "It's the revenue, stupid!"

That's because compared to earnings, which have been seen 72% of companies beating consensus, the sales side has been a huge disappointment.

Although the company's earnings look strong and the management's outlook remains positive, investors were not thrilled and the stock is trading 3% lower on today's trading session. This selloff brought NIKE down to test its 50-day moving average on a heavy volume, but the stock has been able to hold above this key technical level.

Most of the leading retail stocks are coming under early selling pressure. The Market Vectors Retail ETF (NYSEARCA:RTH) is trading lower by $1.31 to $116.25 a share. This tells us that the majority of leading retail stocks are declining at the start of the day. Traders can watch for intra-day support around the $115.50, and $114.25 levels.