Google lost 2.03% during yesterday's session; goes up in pre-market trading (+0.85% to $105.5)

As traders prepare for a higher market open today, yesterday's bearish sentiment is in focus: pronounced bearish sentiment in the market pushed the leading search engine company into a notable 2.03% slide yesterday, falling $2.17 and ultimately closing at $104.61.

Core Durable Goods Orders data from United States will be released today at 12:30 UTC with analysts expecting a decline to -0.2%. Potentially significant price fluctuations in Google are expected to follow.

Highly important Consumer Confidence data from United States beat analyst expectations of 104 with a reading of 101.3.

Meanwhile, United States New Home Sales (Mar) released yesterday at 14:00 UTC with a figure of 683,000, while the previous figure was 623,000. United States Building Permits came out at 1.43 million, while a consensus of analysts was expecting 1.41 million.

Alphabet made an initial break below its 21 day Simple Moving Average at $105.37, a possible indication of a forthcoming negative trend. After descending below strong Fibonacci support at $105.84, market bears have earmarked $100.17 as the next downside target. Google broke through the $103.63 support line and dropped 98 cents below it.

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 $207.55 (down 2.46%). Netflix went down to $322.55, losing 1.97% after it closed at $329 yesterday.

On the other hand, positive performances could be seen by looking at other communication services stocks as T-Mobile added 1.47% to its value, and traded at $148.

With markets struggling for positive sentiment, upcoming macro data could potentially attract buyers in the market as United States Core Durable Goods Orders projected to come out at -0.2% — worse than previous data of -0.1%; data will be released today at 12:30 UTC. Tomorrow at 14:00 UTC data for United States Pending Home Sales will be released, with an expected decline to 0.5% from the preceding figure of 0.8%.

Some optimism can drawn from the fact that United States Crude Oil Inventories is projected to outperform its last figure with -1.49 million. It previously stood at -4.58 million; data will be released today at 14:30 UTC.

The stock has been trending positively for about 2 months. Google hit a significant low of $83.49 around 5 months ago, but has since recovered 27.9%.