| 
March 11, 2023
A quick look at yesterday: pronounced bearish market sentiment ensured that the search engine giant made a notable 1.78% loss yesterday, declining $1.66 and ultimately closing at $91.
United States Unemployment Rate fell short of the 3.4 projections, with new data of 3.6.
This down-slide takes place while positive United States macroeconomics indicators data was published earlier – data from United States concerning Non Farm Payrolls was released yesterday at 13:30 UTC. Newly published figures emphasized continued decline from last month's figure of 504,000 to 311,000 this month.
Amid the market gloom, United States CFTC Gold speculative net positions released yesterday at 20:30 UTC with a figure of 107,100, while the previous figure was 128,800.
Alphabet made an initial break below its 10 day Simple Moving Average at $92.37, a possible indication of a forthcoming negative trend. Price action remains constrained around the key Fibonacci level of $92.29 currently serving as support. If price action breaks below, the next Fib hurdle is $90.18. Despite this, Google could begin to recover as it approaches significant support, now 86 cents away from $90.15. Dipping below could be an indication that further losses are ahead.
Several technical indicators are adding weight to the bearish momentum seen yesterday and forecasting Google to extend its recent losses.
Google was not the only decliner in the communication services sector; Meta Platforms closed at $179.51 (down 1.2%). Netflix went down to $292.76, losing 1.69% after it closed at $297.78 yesterday. T-Mobile lost 1.12% yesterday and closed at $139.51.
11 months ago the leading search engine company reached a significant high of $143.64 but has consequently lost 35.49% since then.
