NFLX at Key psychological level
As others may also concur, the markets are over extending gains and are due for a small correction. The s&p, nas are both showing divergences and are very far from the 50 period moving averages. Our other market indicators such as the VIX are responding well the support levels within their respective historical ranges. Taking a look at the dollar index we also find that we finished off the week at the bottom trend line of a daily bull flag pattern. I’m watching for a correction in the market and if this manifests I believe NFLX may reject the 600 level and drive itself back toward another physiological level such as 550 and maybe as far down as 500. Watch for multiple rejections and use confirmation such as bearish engulfing patterns for entries.
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