GOOG: Now What?

Google Inc. (GOOG) rocketed in reaction to its Feb 1 earnings beat, which spiked the stock to an all-time high at 823.74.

That is the good news.

The bad (technical) news is that the new high was not confirmed by my intermediate-term momentum gauges, with the price structure above Google's June 2012 upper-channel boundary line at 772.

The combination is (was) a prescription for a powerful, downside reversal into a correction.

Although GOOG has reversed sharply beneath the upper-channel boundary, it remains vulnerable to pressing lower to probe key support between 680 and its Jan 20 low at 673.26, which must contain the weakness to avert a full-fledged test of its rising 200-Day EMA, now at 662.01.