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Scapling

NFLX - scalping levels for 8/22Recap: In yesterdays post I had mentioned that today I was leaning sideways to bearish and I was more or less correct. I did mention in an update that I was expecting a decent push at open and a rejection at $305.30, we pushed but only made it to my $303.31 level, but that level was in my watchlist yesterday. After the opening turbulence the $301.21 level acted as resistance and we did wind up pulling back to the $296.07 level from my support levels. Okay, so these levels are reoccurring. ;) Plan for 8/22 As SPX attempts to chip away at that $2940 level that it's been struggling with, it becomes a little challenging to pick a direction in advance. My gut tells me that we'll reject overnight and we'll have a fairly bearish day tomorrow but with limited range since Powell is speaking on Friday. I'm seeing some bullish divergence in RSI on the 15 minute chart, as price fell, RSI rose... However throughout the day I noticed today that NFLX underperformed each SPX rally and fell swiftly during each decline. So based on this lack of bullish enthusiasm, I'm going to maintain a bearish bias for tomorrow which means I'll be looking to short of rejections at $303.21 area or, ideally, $305.30 area. If we gap down, we can add $298.00 to that list of resistance area. To the downside, I'm watching $298.00, $296.07 area, then as mentioned yesterday, $293 - $291 volume cluster followed by $288. If we begin the day with a very deep pullback I may watch for call setups off the $288 or $292.65 levels. To Summarize: Neutral but leaning Bearish Resistance $301.12, $303.21 and $305.30 Supports. $298.81, $298.00, $296.07, $292.65, $288
NASDAQ:NFLX
by danbeaulieu