EA Sports: It's in the Gamestop

Working our way through the final hour of today's session, small caps, biotech, and the likes of NFLX continue to lead the market even as we fade well off the highs of the day. For now, it appears to be just an initial holiday week shakeout. However, we have indeed seen surprisingly bloody Thanksgiving weeks before, namely in 2011. 

At the moment, I see a balance of long and short ideas setting up, which seem to be beholden to how the broad market breaks from here, if at all.

Meanwhile, the gaming space is under heat day, in light of the GME earnings sell-off. We know ATVI and TTWO have been especially strong in recent quarters, but so has EA.

If EA loses $68, below, seen on the daily chart, I suspect the tide will start to turn against the estimable "Madden" creator. Below $65, and that is likely a sign that the hot gaming space will now cool off considerably, as plenty of good news has already been priced in, with the market looking ahead to the recent prominent video game launches for a while now.