The Google weekly chart has flashed a clear negative RSI divergence (top pane, below). Google is now widely considered a market leader and, after hitting the impressive $800 level recently, has not yet been sold too aggressively. Nonetheless, the RSI divergence is certainly a potential warning sign to monitor, as underlying relative strength is weaker here than during the last (lower price) peak in the fall of 2012.
If the RSI fails to recapture 70 on this weekly timeframe, with price failing at $800, it opens up to the door for an interesting contrarian play.
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