Risk-off mood drags Google 0.88% lower

Today at a glance: a tough session dominated by bearish sentiment left Google $1.08 lower, while setting a $119.21 to $120.91 session range.

United States's Pending Home Sales new data released of -2.7% below its previous figure.

Highly important Pending Home Sales data from United States beat analyst expectations of -0.5% with a reading of -2.7%.

This down-slide takes place despite the positive US macroeconomics indicators data that was published earlier — United States GDP beat the 1.4 projections, with two. Highly important Initial Jobless Claims data from United States beat analyst expectations of 266,000 with a reading of 239,000.

Alphabet made an initial break below its 3 day Simple Moving Average at $119.73, a possible indication of a forthcoming negative trend. A Bearish Harami chart pattern, which is a means of predicting reversals in bull markets. When a Bearish Harami is detected at the top of a prevailing uptrend, it is typically considered a bearish signal and a prelude to a potential trend reversal. In contrast, although Google is pointing down today (was as low as $119.21), it's climbing away from the $119.18 support line and is now 83 cents above it. Bollinger Bands® shows an indication of recovery: the lower band is at $118.35, a low enough level to, generally, suggest that Google is trading below its fair value.

Overall, looking at the technical analysis landscape, it seems that although indicators are mixed and some are pointing in different directions further drawbacks may be next for Google.

Google was not the only decliner in the communication services sector; Meta Platforms closed at $281.53 (down 1.32%).

On the other hand, positive performances could be seen by looking at other communication services stocks as AT&T gained 1.27%, as it traded at $16. Verizon added 0.46% to its value, and traded at $37.

Furthermore, United States Core PCE Price Index (MoM) (May) scheduled to come out tomorrow at 12:30 UTC.

The search engine giant has fallen back around 5.34% from the significant high of $127.91 set 23 days ago.