Don’t do anything until Netflix (NFLX) does this….. (February 20, 2018)
NFLX SP-500 COMPQX
Just a quick video here; be careful about what you are doing. Seriously, it is a really choppy market out there and so I am not going to give you the greatest trade of the day. There are a couple of things happening but generally speaking, I just want to focus on Netflix ( NASDAQ: NFLX ). I will say this: Netflix ( NASDAQ: NFLX ) is the tell for the market. As long as Netflix ( NASDAQ: NFLX ) is unable to move above 290.00 you don’t want to be taking on any new positions. This has been a strong FANG stock, had a pullback and is right back up to where it was before. It has generally been really strong even on weak days in the market so there is some buying interest there.
What I would suggest doing is key on to 290.00. I am just going to set an alert on my own, this is just how I keep track of things. A breakout here; breakout for market. That is how I look at things; now I don’t have to worry about it; that truly is my analysis. If Netflix ( NASDAQ: NFLX ) breaks out above 290.00 I look at that has confirmation for a stronger market. Otherwise, I would just want to sit and not do anything and let this thing settle in.
Just to give you context here (S&P 500), I really need to see Netflix ( NASDAQ: NFLX ) moving higher to give me the sense that this is anything other than a bearish wedge. The same thing on all of these (COMPQX); big massive lows and then higher lows, higher highs, they are kind of converging. This the type of market, after this type of sell-off, this is the kind of market that stalls out and ultimately breaks hearts. So watch Netflix ( NASDAQ: NFLX ) for any upside move and then I would say this: Watch the NASDAQ Composite. If it tests say, 7,100.00 that can be a problem for you.
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