Stock Market Analysis -Thursday 17th October 2018

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NETFLIX

Netflix ChartNetflix surpassed earning and popped up 15% in after hours trading. This is the first big tech earning to hit after the selloff in the NASDAQ and should give traders time to reflect.

On the Daily chart after hours trading we gapped through our $360 resistance and above to $380 resistance and up to $400 before been rejected. We are holding above $380 functioning as support and we would like to see it hold off as an indicator of strength in tech.

Netflix pushed futures up into the zone discussed in previous post from Monday 15th 2018 around 7400 points.

If we open where we are at now close to the close, there may be a return down.

STOCK INDICES MARKET

Russell anticipated a move back up to area in the purple with resistance at 1600 points, S&P 500 not up to the areas of supply closer to 2900 and the DOW better resistance is around 26,000 points. We are just gaining momentum in the RUSSELL, S&P 500 and DOW JONES.

If you are near you target in the NASDAQ, DOW JONES and S&P 500 it is a good time to lock some profits because we are likely to have resistance at around 7400 points for the NASDAQ. Just keep to your strategy and discipline as you trade.

Data point in housing was released earlier and fed minutes will be released later today.

 

Happy trading week and see you next post. Please drop me a comment below and remember I am working to get you the next workable trading tip which we will execute together.

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