GOOGL Technical Analysis
Alphabet, or Google, looks like it’s going to open slightly higher during the market open on Wednesday, as pre-market trading is slightly positive. There was quite a bit of noise around the idea of the new AI models that Google is releasing, but there’s also a lot of concern out there about Google’s search business. It’s estimated that there is a rapid shift towards using AI to search as opposed to Google itself. So, the question now is whether or not Google can join the party. The $172 level above looks to be a bit of resistance, so we’ll see if we can break above there, and it is worth noting that we pulled back from the 200-day EMA two out of the last three trading sessions.
MSFT Technical Analysis
Microsoft looks like it’s going to be a little lower at the open on Wednesday as well, but it’s worth noting that after the latest earnings call, this thing just launched. So, a pullback isn’t necessarily the worst thing in the world right now, as it has so much in the way of upward momentum recently. I would not short Microsoft. I suspect that any pullback you get will more likely than not look a lot like value to traders around the world.
META Technical Analysis
Meta also looks like it’s going to open a little soft in the early hours, although not horribly. There is a gap underneath that could offer support. There’s also support in the form of the $600 level. So, I think any pullback is probably going to end up looking very much like a buying opportunity. That being said, it’s worth noting that a lot of the stocks out there, or at least stock indices are stretched, so we may be entering a period of consolidation and just grinding overall. I don’t look for explosive moves to the upside, we’ve already had those, but I’m not necessarily looking for a massive opportunity to start shorting tech stocks either. I think a little bit of patience probably goes a long way here.
For a look at all of today’s economic events, check out our economic calendar.
