Netflix looking weak? That has not happened in a long time

Netflix for the first time in a while, is just looking pretty weak. It is below its 50-day moving average AND its 100-day moving average. It looks toppy as well, almost as if a double top has formed. I think Netflix is a great company that has done a lot to change the world around content. I also though find its recent slump to be interesting.

First of all, Netflix has lead this market higher for a long time. The so-called FANG trade has be talked about for years. Netflix has been a leader and started the content movement, especially to the cloud and new on-demand TV model. With that being said, when a stock like this gets weak, it's time to pay attention.

First of all, what could be happening? Is their subscriber growth not happening as fast as expected? Did their recent price hike show what the next steps are? I.e. as subscriber growth slows they have to hike prices? This will be really interesting to watch and could be a barometer for the entire big tech market. Especially in the momentum side of the market.

Going forward, I have no trade on, and so I am just brainstorming and sharing my thoughts. However, I think the 50-day and 100-day moving average show the trend is weakening and possibly rolling over. How strong of hands do Netflix longs have? Have they no already had an amazing run for a company worth over $200 billion? Let's wait and see. I'm watching.