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Google Stock…double top failure 240131

Some of the bloom is starting to come off the Stock Market rose as AI & Rate Cut exuberance wither.  Tesla has officially fallen out of favor, so the Magnificent 7 is now the Magnificent 6.  Apple has broken below its 50 day moving average and Google (Alphabet) is just slightly hovering above that level.

Google’s chart pattern looks like it’s formed a classis “double top”.  (see below chart)  That’s a bearish signal and if the downward trend persists, then an entry point might present itself at the 200 day moving average- near $129.  That’s a discount of about 8% on today’s price.  Google’s plunge today puts it down nearly 9% from its 52 week high, which was only achieved this week.