Tuesday, June 28, 2016
#NFLX Bias & Levels Update for Tuesday June 28, 2016 by @mocktrade
As today’s first hour of trading comes to an end NFLX is trying to get back in the wedge
which was breached for the first time yesterday. Now if buyers fail to regain 88.95 today’s upside will likely just
be a technical relief rally following Brexit.
Buyers will gain an edge if above 88.95 but even if so buyers will still have some work to do to
avoid lower highs forming anywhere below last week’s weekly VAH at 91.70. If above 88.95 the possible areas sellers may try to defend and form a lower
high are at 90.30-90.55 zone then 91.60-91.70 zone with 92.30 being the line sand (LIS) for
sellers. If above 92.30 the 78.6% Fib at 93.50
will become the next upside target.
If the wedge does hold as resistance today/tomorrow and definitely if NFLX pushes back below 87.00 before higher I will then go back
to a full bearish bias for a current pre-Brexit Strangle which will now have
potential lower targets at 82s then 80s-78s zone.
Ethan Premock Futures & Options Strategist at Hamzei
Analytics, LLC
Tuesday, June 28, 2016 #PreMarket Comments by Michael Blythe
Good morning. Lighter Globex volume on the way back up overnight, 300K at 7:30 am CST as “Turn around Tuesday” features the S&P Case-Shiller and Consumer Confidence later this morning. Yesterday affirmed the sell the rallies prospective and until bulls can push and hold above 2050 I believe this market will find the path of less resistance to the sell side. In this type of environment the Globex trade often become less of conviction and the cash open/close give the most relevant clues, as yesterday both were lower. Having said that, I have to keep an open mind intraday because even if this rally is sold, it may be difficult to find the top to sell.
Levels to the downside are 20003 (*) then 2000 (*) followed by 1994 (**), 1990 (**) and yesterdays 1981 (**) low. Upside prices are 2010 (**) followed by 2020 (**) and then the 2035 (***) area I expect to see as best place for a lower high on a larger time frame.
All the best;
Michael Blythe
Futures Strategist
Hamzei Analytics, LLC
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