On Monday I was thinking
NFLX would remain in more of a sideways pattern between 97s and 93s ahead of the
FOMC rate decision but instead NFLX is
now on the move above 97s.
On Monday I also mentioned NFLX would have to get and hold above Daily center Sigma at 105s to breach the current downtrend
post the FOMC rate decision, which is still case.
In order to now reach Daily center Sigma at 105s NFLX will need to either get above first resistance at 103.20 and/or hold above last week’s
value area (VA) +101.30 with 97s as line in sand (LIS) post FOMC
tomorrow. If not -3Sigma will become a target at 80s once/if first below the 84.30
support.
Ethan Premock
Futures & Options Strategist
Hamzei Analytics, LLC