Agreed. Corp buyback desperately trying to manage to a doji and hold up the 1hr chart. Third managed hour in a row.
But damage of lower low is already on the tape.
And our algo now shows 85% prob that we have already seen the day high in $NFLX. (Note that SPY made a new high at the same time of this last rip.)
A big up day in the $SPY with $NFLX flat will rip the wings off this high flyer. MM know this and are working hard.
It's a street brawl now, and the under performance is glaring.
Added a third tranche to our short at $263. (Replaced the $260 slug we covered this AM at $259 when we bounced.)
Yeah, makes sense the MMs would hold the price flat for as many days as possible to keep the newbies guessing which direction it might be going and hopefully buy their shares from them at what "appears" to be a stable price around 262-263. Notice how 263 was the after hours pop top in February after earnings, also. No support below this price level, because the run up in that price range was straight up.