(thestreet.com) Netflix (NFLX) shares were falling nearly 3% in after-hours trading after the company topped analysts' first quarter earnings expectations, but guided second quarter earnings below consensus.Netflix reported first quarter earnings of 40 cents per share on revenue of $2.64 billion vs. analysts' expectations of earnings of 37 cents per share on revenue of $2.64 billion. However for the second quarter, the company expects to earn 15 cents per share vs. analysts' 24 cent per share expectations. (Full article on thestreet.com)Let's take a look at the chart:Netflix (NFLX) Daily Chart(click to enlarge)Bullish at Record Highs:- First of all we have to acknowledge that price has been pushing into historic highs since January.- Price action has slowed down, and we can observe a bearish divergence between price and the RSI.Earnings/Guidance/Subscriptions:- However, in a bullish trend, this bearish divergence can last a while, as is the case here.- The article from thestreet.com noted that guidance for Q2 was weak. It added that subscription growth was unimpressive as well.- These are definitely reasons that could deter the current rally.140 Pivot:- While we might see some pulling back during the 4/18 session, we should not turn bearish just yet. - We should see how the market reacts around the 140.00 pivot.- I think a break below 140.00 could be a sign of some consolidation/correction outside of the very short-term.- Otherwise, Neftlix should still have more upside with price above 140.