Alibaba “stock started rolling over in very early January before the Chinese stock market did and certainly before the global economy started to slow down.
So in other words, its weakness was a good leading indicator to tell us that the coronavirus was going to have a bigger impact than a lot of people thought,” Maley said Tuesday on CNBC’s “Trading Nation.”
Alibaba stock executed a double top pattern before the first crash and is now heading replicate the pattern again. I personally wouldn't take this as any kind of clear sign as I'm doubtful of how good of a leading indicator Alibaba stock is for the global and U.S. economy. However it's interesting to wait and see how things play out for both, the S&P 500 and Alibaba.