Netflix shares have dropped below their 200-day moving average, currently trading 21% beneath this key technical level—the steepest decline in over three years. This marks a significant technical breakdown that's catching traders' attention. The move is particularly notable given the extended timeframe; such sharp deviations from the long-term average are relatively rare, occurring only once every few years in NFLX's trading history. Investors and analysts are closely monitoring whether this signals a temporary pullback or the beginning of a more sustained downtrend.