GOOG consistently holding resistance levels. On the way down the 161 here was liable to be a big support for GOOG. Many times in a developing trend the pullback will come to the 161 and then we'll shoot off into new highs. If you've been following me a while you'll know I was briefly bullish during this period will the same signal will being duplicated on SPX. Failure of a 161 usually lends itself to more downside and it was on the breaking of this I reverted back to net bearishness. Before this I thought the high may or may not be in, after the break I think it's most likely in and it's just a case of what style of bull trap.
When a 161 breaks the first support is the 220 fib. This is another point where lows can be made but our current action sees us just retesting the break and pushing away from it. If we have a valid 161 break - retest - rejection the next target is 261 and commonly we can go all the way to the 423 fib - this would be a very big drop for GOOG.