US 30-Year Mortgage Rate Hits 11-Month High: MBA

GOOGL shares are trading below their 20- and 50-day moving averages, with the RSI at 40.8, indicating a weak zone. The MACD line remains below the signal line, suggesting negative short-term momentum. Rising mortgage rates pose a macroeconomic concern that could pressure technology stocks. Therefore, a downward move appears more likely in the near term.

The rise in mortgage rates to an 11-month high could increase concerns about a cooling housing market and a slowdown in consumer spending. This situation may put pressure on interest-sensitive sectors in particular, potentially negatively affecting the index in the short term. Technically, while the RSI at 57 is in neutral territory, the MACD being above the signal line signals a short-term recovery, but the negative sentiment generated by the news could weaken this signal. Although the index closed above the 20-day SMA, being just below the 50-day SMA indicates a resistance zone. Overall, the interest rate hike news could create limited but noticeable downward pressure on the index.