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.
Sidenote: As 2024Q4 earnings start to come in, it’s looking like 494 of the S&P 500 (non-Magnificent 6) are posting an aggregate year-over-year loss of ~10.5%. Think about that.
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