It appears the stock market has fallen out of love with Google Inc. (GOOG). The stock has seen very heavy selling pressure since creating a triple top with descending peaks during the month of October 2007 through January 2008.

Since breaking the triple top support level near 615, GOOG shares have continued to sell off. Monday, GOOG broke below the psychological level of 500 and closed at new 6-month low. The powerhouse showed relative weakness in Monday's strong market, confirming the downside momentum we've seen as of late.



When zooming out to the 1-year chart, I notice a few support levels. 480 and 460 should provide decent support, but they do not appear to be substantial. 450 is the next psychological barrier. That said, I do not see significant support until the 425 level.

I'll be keeping a close eye on GOOG for a long entry, but will by no means try to catch this falling knife just yet. I plan on waiting for some stabilization, followed by some upside interest. Once I see this, I'll buy GOOG (likely option calls) while it's on the way back up. For now, I'd consider shorting any quick pops.

Andy Swan is co-founder and head trader for DaytradeTeam.com. To get all of Andy's day trading, swing trading, and options trading alerts in real time, subscribe to a one-week, all-inclusive trial membership to DaytradeTeam by clicking here.