NFLX has proven in recent weeks to be the strongest stock in the FAANG family of stocks. It has held above a long-term trendline linking the 2013 and 2016 lows. Comparing the ratios of the SPX and each of the FAANG stocks, NFLX is the only one that has held above the June 2 high.
This is a short term trade to take advantage of a bounce and then decide according to price action. We are expecting a bounce in the SPX tomorrow Monday or Tuesday after extreme readings on several indicators. We do not expect a very long lasting rally and when the downtrend resumes, NFLX will probably follow suit as well.