Netflix and SPX tend to move hand in hand with each other. When their patterns begin to separate, they correct relatively quickly. In this case, NFLX is setting up a bear wedge that, in this bull market, will fail to breakdown fully, but should bring the current NFLX price in line with SPX's chart, resulting in a 5-15% drop. Target 335, which coincides with both the SPX chart, and Netflix's 50 week average.
From there, market dynamics will determine whether a full breakdown is possible, or a long position would be justified.
From there, market dynamics will determine whether a full breakdown is possible, or a long position would be justified.
Note
Still active. Have not reached <= 340, but 342 was touched and expect to see sup 340 in the coming 1-2 weeks.
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.