Netflix Inc. ($NFLX) shares have experienced a decline following a gap down that confirmed a temporary top, leading to increased bearish sentiment among option traders. The stock dropped 2.64% on June 10, with 119,000 contracts traded, where calls outnumbered puts but the put-call skew steepened, signaling heightened demand for downside protection. Technical indicators show Netflix is threatening to break below its 20-day moving average for the first time since April 9, with recent peaks displaying negative divergence in RSI and MACD. Market participants noted that Netflix is consolidating in a basing pattern, holding near the top of the June value area amid rotation trades. Some traders are watching the 21-day moving average as the next potential support level. Institutional interest remains strong despite the recent pullback. Separately, Okta shares have attracted renewed buying interest, with an investor initiating a position at 100 times free cash flow and expressing willingness to increase holdings if prices decline further.