Alphabet Inc. (NASDAQ:GOOG) Parent Company closing in on first bear market in 7 years
Share of Google parent Alphabet Inc. GOOGL, -1.28% has dropped into bear market territory for the first time in seven years in afternoon trade Monday, amid a broad and sharp selloff in the technology sector. The stock was down 3.6%, on track for the lowest close since May 3, as the SPDR Technology Select Sector ETF XLK, -0.91% shed 3.7%, with all 65 of its components trading lower.
The S&P 500 SPX, -0.66% was down 1.8%. Alphabet’s stock’s intraday low of $1,026.86, it was 20.1% below its July 26 record close of $1,285.50; many on Wall Street define a bear market as a decline of 20% or more from a bull-market peak. A close at or below $1,028.40 would mark the end of the current bull market, and start of a new bear market, since it came out of the last bear market on Oct. 14, 2011. The stock was last down 3.7% at 1,029.23. The other three original FANG stocks–Facebook Inc. FB, -2.29% Amazon.com Inc. AMZN, -0.97% and Netflix Inc. NFLX, -1.26% –are already in bear markets, while the honorary FAANG stock–Apple Inc. AAPL, -2.54% also dipped into bear market territory intraday Monday before bouncing back out.
Overall, the bias in prices is: Downwards.
Note: this chart shows extraordinary price action to the downside.
The projected upper bound is: 1,087.59.
The projected lower bound is: 954.11.
The projected closing price is: 1,020.85.
A black body occurred (because prices closed lower than they opened).
During the past 10 bars, there have been 4 white candles and 6 black candles for a net of 2 black candles. During the past 50 bars, there have been 23 white candles and 27 black candles for a net of 4 black candles.
Momentum is a general term used to describe the speed at which prices move over a given time period. Generally, changes in momentum tend to lead to changes in prices. This expert shows the current values of four popular momentum indicators.
One method of interpreting the Stochastic Oscillator is looking for overbought areas (above 80) and oversold areas (below 20). The Stochastic Oscillator is 44.5517. This is not an overbought or oversold reading. The last signal was a buy 5 period(s) ago.
Relative Strength Index (RSI)
The RSI shows overbought (above 70) and oversold (below 30) areas. The current value of the RSI is 40.84. This is not a topping or bottoming area. A buy or sell signal is generated when the RSI moves out of an overbought/oversold area. The last signal was a buy 29 period(s) ago.
Commodity Channel Index (CCI)
The CCI shows overbought (above 100) and oversold (below -100) areas. The current value of the CCI is -93. This is not a topping or bottoming area. The last signal was a buy 1 period(s) ago.
The Moving Average Convergence/Divergence indicator (MACD) gives signals when it crosses its 9 period signal line. The last signal was a sell 0 period(s) ago.
Rex Takasugi – TD Profile
ALPHABET INC C closed down -13.730 at 1,023.880. Volume was 59% below average (consolidating) and Bollinger Bands were 24% narrower than normal.
Open High Low Close Volume___
Short Term: Neutral
Intermediate Term: Bearish
Long Term: Bearish
Moving Averages: 10-period 50-period 200-period
Close: 1,041.79 1,106.19 1,120.67
Volatility: 33 39 32
Volume: 1,592,240 1,831,796 1,691,967
Short-term traders should pay closer attention to buy/sell arrows while intermediate/long-term traders should place greater emphasis on the Bullish or Bearish trend reflected in the lower ribbon.
ALPHABET INC C is currently 8.6% below its 200-period moving average and is in an downward trend. Volatility is extremely low when compared to the average volatility over the last 10 periods. There is a good possibility that there will be an increase in volatility along with sharp price fluctuations in the near future. Our volume indicators reflect moderate flows of volume out of GOOG.O (mildly bearish). Our trend forecasting oscillators are currently bearish on GOOG.O and have had this outlook for the last 33 periods.
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