Shares of Block (SQ) -- formerly Square -- were downgraded to "Sell" by sell-side firm Evercore this week. The price target was also cut to $55 from $120 -- ouch -- and this would represent a new 52-week low if reached. Let's put aside the rose colored glasses and check out the charts and indicators.
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Like or not, this is classic bear market action playing out.
The charts don't look very appetizing for the spice company.
The charts show further declines ahead for the credit card company.
When one of the last holdouts of the S&P 500 turns down the selloff is in full gear.