$SPY Bounce Then Drop? $META Weak, $NFLX Looks Like a Trap

PeterDiCarlo
03-21 08:46

$SPY is holding a key support zone but likely faces a short-term bounce before another leg lower.

$META is breaking down in line with a bearish long-term view, while $NFLX’s rally looks like a classic lower-high trap within a broader bear cycle.

1. $SPDR S&P 500 ETF Trust(SPY)$

Strong support here for $SPY

My expectations stands.

Most likely short term bounce, followed by another sell off

Hope I’m wrong 🤞

$SPY right back down to test liquidity zone support again

Going to get REAL ugly if this level is swept.

Bulls still hold it for now 👀

2. $Meta Platforms, Inc.(META)$

Back in January our long term model stayed off the bull side for $META.

Now it is breaking down in line with that view.

When the long term model flips, we will add $META back to the trading list.

3. $Netflix(NFLX)$

I still see this $NFLX bounce as a retail trap.

With the Monthly BX red and a Bear Cycle in play, most bounces turn into lower highs and further selling.

For SG users only, Welcome to open a CBA today and enjoy access to a trading limit of up to SGD 20,000 with unlimited trading on SG, HK, and US stocks, as well as ETFs.

🎉Cash Boost Account Now Supports 35,000+ Stocks & ETFs – Greater Flexibility Now

Find out more here.

Complete your first Cash Boost Account trade with a trade amount of ≥ SGD1000* to get SGD 688 stock vouchers*! The trade can be executed using any payment type available under the Cash Boost Account: Cash, CPF, SRS, or CDP.

Click to access the activity

Other helpful links:

Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.

Comments

We need your insight to fill this gap
Leave a comment
78