Google currently down 0.7% halfway through today

After dipping as low as $123.45, the leading search engine company is recovering ground lost since the previous session close ($124.64); currently trading at $123.77.

Google is currently trading at $123.77 following the release of JOLTs Job Openings (Apr) data from the United States.

This down-slide takes place despite the positive US macroeconomics indicators data that was published earlier — United States Consumer Confidence released yesterday at 14:00 UTC is better than expected at 102.3 but down from preceding data of 103.7 according to new data.

Meanwhile, United States JOLTs Job Openings (Apr) came out at 10.10 million, while a consensus of analysts was expecting 9.78 million. United States OPEC Crude Oil Production Algeria (Barrel) released today at 14:15 UTC with a figure of 960,000, while the previous figure was 1,000,000.

Alphabet made an initial break below its 5 day Simple Moving Average at $123.87, a possible indication of a forthcoming negative trend. In contrast, Google could begin to recover as it approaches significant support, now 86 cents away from $122.9. Dipping below could be an indication that further losses are ahead.

Overall, looking at the technical analysis landscape, it seems Google is likely to continue pointing down in the short term.

Positive performances can be seen by looking at other communication services stocks as Verizon is up 2.42%. T-Mobile is trading at $138.19 after ending yesterday's session at $135.12 (up 2.27%). AT&T is trading at $15.81 after ending yesterday's session at $15.64 (up 1.12%).

With markets struggling for positive sentiment, upcoming macro data could potentially attract buyers in the market as tomorrow at 12:30 UTC data for United States Initial Jobless Claims will be released, with an expected decline to 235,000 from the preceding figure of 229,000.

Some optimism can drawn from the fact that United States Crude Oil Inventories is projected to outperform its last figure with -1.10 million. It previously stood at -12.46 million; data will be released tomorrow at 15:00 UTC.

Furthermore, United States ADP Nonfarm Employment Change (May) is expected tomorrow at 12:15 UTC.

The stock has been trending positively for about 3 months. The search engine giant now trading 38.03% above its 3-month low of $83.49.