Google dropped by 2.09% and closed the session at $121.26

Yesterday at a glance: the search engine giant hovered around the $121.26 level after closing Tuesday at $123.85 and shedding 2.09%, as it reached reached yesterday's session close.

United States Initial Jobless Claims data will be released today at 12:30 UTC, with an expected improvement to 260,000. Google reaction to indicator information will follow.

While price action maintains a negative bias, United States API Weekly Crude Oil Stock came out at -1.25 million, while a consensus of analysts was expecting -433,000. United States 20-Year Bond Auction released yesterday at 17:00 UTC with a figure of 4.01, while the previous figure was 3.954.

Trend analysis indicates that the Commodity Channel Index (CCI) indicator is below -100, meaning the market price is unusually low and below its rolling moving average. Technical analysis indicates that a new, strong downtrend could be forthcoming with short positions favored. Analysis based on the asset volatility indicates that Google's lower Bollinger Band® is at $120.75, indicating that the asset has overextended to the downside and could, therefore, bounce back as buyers look for bargains. Technical analysis of Google's past price action reveals multiple support and resistance levels: Google could begin to recover as it approaches significant support, now 98 cents away from $120.28. Dipping below could be an indication that further losses are ahead.

All in all, the technical analysis suggests Google has no clear-cut direction.

Google was not the only decliner in the communication services sector; Netflix lost 2.36% yesterday and closed at $424.45. AT&T stumbles 1.08% yesterday to close at $15.78.

On the other hand, positive performances could be seen by looking at other communication services stocks as T-Mobile traded at $132.68 after closing yesterday's trading day at $131.23 (up 1.1%).

With markets struggling for positive sentiment, upcoming macro data could potentially attract buyers in the market as as things stand, upcoming United States Crude Oil Inventories data is projected to fall short of market expectations with newly published data of 1.87 million, following on from the preceding figure of 7.92 million. New data is set to be published today at 15:00 UTC.

In addition, United States Initial Jobless Claims is projected to outperform its last figure with 260,000. It previously stood at 262,000; data will be released today at 12:30 UTC.

Furthermore, United States Services PMI figure is projected at 54. It previously stood at 54.9; data will be released tomorrow at 13:45 UTC.

Having soared to a high of $127.91 approximately 16 days ago, the search engine giant is now trading 3.17% lower.