What’s Up With Google?
Whats with the $GOOG? As Google was topping in mid July, $AAPL started ticking up. Was it a rotation out of an overbought stock into a deeply oversold $AAPL? Facebook ($FB) also started to rip around the same time. Granted Facebook had a good number, but maybe Google proceeds helped fuel the fire. Google proceeds were a great source of funds for both Apple & Facebook. Managers always move money around in the same sector.
$GOOG is at a BIG spot here. It appears to be breaking lateral support on the daily chart. It has closed ever so slightly under that support. Sometimes a stock will overthrow a level then rebound. We’ll see, but here is your target if it doesn’t. I see 827 and if that doesn’t hold, then the 200 day simple moving average down around 809.
Like so many stocks right now, they need a better market to change their glide path. Not to oversimplify, it just is what it is.