Thoughts on $NFLX holding this bounce post-earnings
Watching $NFLX today, the jump to 77.65 with a solid +4.66% gain on the day is interesting. The daily range from 74.91 to 78.43 shows some decent buying conviction off the low. My immediate thought is how much of this is sustainable momentum versus a relief rally. Considering the market's current volatility, any strong move like this post-earnings tends to get re-tested. I'd put the odds at about 60% that we see $NFLX at least touch the 75.00 handle again before the end of next week, maybe even briefly dipping below to liquidate some of the weak hands who chased the top of today's range. The reasoning is largely historical precedent; strong single-day moves often face a slight pullback or consolidation before the true direction is established, especially if there wasn't an overwhelmingly positive fundamental catalyst beyond 'not as bad as feared'. It feels like the market needs to digest this move a bit more.
I'm leaning towards it being more of a relief rally too, especially with the broader market's uncertainty. Do you think it'll retest the lower end of that range, or could it hold steady above the previous support?