Well, the world didn’t end in the past week after all.
And the bearish bloodletting has paused a bit.
Maybe, just maybe, we’re done falling off a cliff.
If we are past the days of 4% down in the blink of an eye, there’s a chance we could see some breakouts.
And what will break out if the news events somehow die down and we get some bullish tailwinds?
Stocks that have broken out hard before.
And Netflix (NFLX) definitely fits that bill.
Here’s the chart:
NFLX bounced hard upward off its 30-week SMA and is surging toward an important level.
A break above $998.70 could lead to a large move, especially if the market doesn’t crater again.
We’ll keep an eye on it.
Happy trading,
Scott
