Chart of the Day: Netflix Continues to ‘Stream’ Lower

Avatar photo Bob Lang on June 9, 2026

Netflix sign

While we like the prospects for Netflix ($NFLX) going forward, the reality is they are challenged by different areas of media for customer eyeballs. The company continues to pump out great content for viewers and that is extremely important, yet other distractions like TikTok, gaming and shorts on YouTube/Meta take eyeballs away from Netflix.

The growth trajectory of recent years has stabilized but with such a big targeted audience these other “distractions” may take dead aim at Netflix’ coveted viewers. The fickle nature of the consumer, switching off/on at a moments notice could be the deciding factor here for Netflix moving higher or lower.

The chart below shows investor hesitancy. We go back to February when there was some excitement over the potential purchase of Warner Bros. Discovery, but the company backed away and took their breakup fee and walked off.

Many thought that was a good decision for Netflix, but since then the stock has been mired in a tough downtrend. Lower highs, lower lows is our textbook definition of a downtrend. Money flow remains negative; not many big funds are scooping up shares.

We are waiting for the stock to just stop going down, to move sideways for a time before buyers are more comfortable getting on board. The candles are purple, representing full bearish on the GoNoGo composite of indicators.

On this recent dip, we added some shares as the price looked rather compelling. We’ll continue to wait a bit longer as well, perhaps rounding out to position at even better prices.

There is a gap to fill down at $78, so that might be the spot to start picking at more Netflix. We like Netflix in TheStreet Pro Portfolio and rate it a Two, or “stockpile on pullbacks.”

At the time of publication, TheStreet Pro Portfolio was long NFLX.

More Pro Portfolio:

Avatar photo

Posted by Bob Lang

Bob Lang is one of the country’s top options traders, an expert market technician, and a highly sought-after mentor and teacher. He is a private trader in equity and option markets and created his own hedge fund and options trading company called Explosive Options. He is also founder and Chief Options Analyst at Aztec Capital, LLC. He has been a regular contributor to TheStreet Pro's paid subscription products since 2009. Lang is both a short-term trader and long-term stock investor. He utilizes technical and fundamental analysis to find investment opportunities. His coverage for TheStreet Pro specializes in options trading, stock investing, and technical analysis. One of Lang’s claims to fame is his creation of the acronym FANG to describe the top tech companies at the time (Facebook, Amazon, Netflix, and Google). The acronym has since expanded considerably and is still widely used today. He is the author of the book “Know Your Options” and holds an MBA from the University of Redlands. When he’s not providing financial commentary for TheStreet, he can be found on the tennis court, reading, or traveling.

All Posts

Leave a Reply

Your email address will not be published. Required fields are marked *