The market is likely to move higher into mid-February. The prospects for an extension of the bull market are bright in 2024. There is likely to be short-term volatility as earnings are reported in the next week. Over the near-term, the two selected stocks are likely to dip this week when the companies report. The longer-term trends appear to remain positive. Short-term traders may sell short the stock this week while longer-term investors can await the pull back to buy.
Google is due to report earnings. The prospects for the share price are weak over the near term. The stock is overbought daily. From this time point into latter February, seasonality has traditionally weak. The weekly price cycle has peaked and falls into February. The $145-$140 price zone may be hit.
Alphabet Daily
Alphabet Weekly Cycle
The situation with Qualcomm is very similar. Earnings are due, and there are some red lights. The shares are overbought and a period of seasonal weakness begins. The monthly cycle is in descent. The $140 level is likely to be touched on the downside.
Qualcomm Daily
Qualcomm Monthly Cycle