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Scott Redler: Can Netflix Stay Super Special?

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Netflix (NFLX) still has best in breed status, but today we'll really see if it can stay super special.

To stay that way, it has to hold the $411 area. If not, it can hit $408 to fill the gap.

I'll be watching it closely on the open to see if it's buyable.

We'll see if tech can help today after a move back to all-time highs. QQQ $175.80 is upper support. If this holds, the downside will be muted.

If not, the $174 area will be key to watch. Tech will give us clues on the market so be mindful here.

The President is pushing for tariffs on $200 billion worth of Chinese goods, just as the SPX hit big resistance at 2800. Thank goodness this came after markets were up for 4-5 sessions and overbought, giving us signals to ligten up.

Now we'll see what areas hold for possible new longs. Holding 2760ish would be very constructive to hold for the next few sessions. We can't rule out the 2745 area -- under that and the active bulls lose control.

Watch the small caps and tech today to see if they help pull the market off the lows.

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