Google is around $124.62 after losing 0.93%

The search engine giant is sliding down from $125.79 to $124.62, taking a 0.93% loss as it nears the end of the session.

New United States Initial Jobless Claims data fell short of the 250,000 projected by analysts with a reading of 262,000 while failing to improve upon the previous reading from last month (262,000).

This down-slide takes place despite the positive US macroeconomics indicators data that was published earlier — highly important Retail Sales data from United States beat analyst expectations of -0.1% with a reading of 0.3%.

While price action maintains a negative bias, United States Philadelphia Fed Manufacturing Index (Jun) released yesterday at 12:30 UTC with a figure of -13.7, while the previous figure was -10.4.

Alphabet made an initial break below its 10 day Simple Moving Average at $124.72, a possible indication of a forthcoming negative trend. Google's upper Bollinger Band® is at $127.3 which indicates a further downward move may follow. Despite this, Google could begin to recover as it approaches significant support, now 72 cents away from $123.9. 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.

In the meantime, negative performances are also seen in other communication services stocks as after closing the previous session (yesterday) at $445.27, Netflix lost $10.17 and is trading around $435.1. T-Mobile is down 1.24% from the beginning of the session and now trades around $131.11.

Positive performances can be seen by looking at other communication services stocks as Meta Platforms is up 0.6%.

The stock has been trending positively for about 3 months. The search engine giant now trading 30.28% above its 3-month low of $83.49.