Netflix earnings: Watch these two levels carefully ahead of the much-anticipated report, trader says

"If it fails and it rolls back over and breaks below the 510 level — that's its trend line going back to March — it probably means it's going to go down and test the summer lows down in the mid-400s," he said. "I'm looking at 550 to the upside, 510 to the downside. Whichever way that is broken will lead to a very big move in Netflix. So, still look for a lot out of this stock before the year is out.

"Whenever Netflix had a bad quarter in the past, it was because of churn. But in my opinion, nobody's really canceling their Netflix subscriptions right now," Tepper said in the same "Trading Nation" interview.

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