Google suffered the biggest one-day tumble in its history - some $70 Billion wiped out! Alphabet announced about 2 hours ago that Eric Schmidt the CEO for the last 18 years, will resign from June 2019, and will not seek to be re-elected. This is not great for investor confidence in the short term. Schmidt's resignation won't cure Google's woes anytime soon.
In this screencast I look at GOOGLE which is Alphabet, Apple, Netflix, Nvidia. The picture of meltdown is serious. Google is at a key level of congestion which could break down.
Overall the technology sector stocks which dominate Wall Street and other indices across the world could cause a domino effect.
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As I have spoken about previously the single most important technical chart for the stock markets right now is GOOGL. The 9 year uptrend from 2009 lows is being tested repeatedly. A definitive close below 1000 and this is headed 10% LOWER imo.
Barometer for market direction is still GOOGL imo.
9 year uptrend from 2009 lows comes in around 1010-1020 depending on how you draw it and timeframes etc.
A decisive close below 1000 has MAJOR implications for the whole market imo.
Threatening a daily close (weekly would be ideal) below the 9 year uptrendline since 2009 lows.... this is the KEY for the whole market imo. If this line goes on a closing basis you will start to see heavy selling throughout the market. 10%-20% lower is possible.
GOOGL is the key to the overall market direction near term. Yes it is still holding inside the 9 year uptrend since the 2009 post crisis lows and yes it is still holding the 200DMA. But imo this is still looking likely to crack sometime soon and we should see 10% downside (920) minimum.
GOOGL shares move in a correction phase. In our opinion, the share price will continue to decline. Great decline, we do not expect. According to our strategy, we expect a rise of 908 usd levels. For this purpose, it would be around USD 991.50.