Arm Holdings plc (NASDAQ:ARM) stock was down more than 2% during Wednesday’s premarket session as investors pulled back from high-growth technology stocks amid a weaker broader market. Nasdaq futures fell 0.63%, while S&P 500 futures slipped 0.25%.The stock closed 7.46% higher in Tuesday’s regular session after Susquehanna reiterated its Positive rating and raised its price forecast to $320 from $300.After Tuesday’s sharp rally, some investors also appear to be locking in gains before Arm’s quarterly results.Arm will report financial results for the first quarter of fiscal year 2027 on Wednesday, July 29, 2026, after market close.The research firm also raised its 2026 AI infrastructure spending forecast to $497 billion, citing continued hyperscaler investment and expanding AI workloads beyond GPUs.Arm Technical AnalysisArm remains under pressure in the short term.The stock is trading 9.9% below its 20-day simple moving average of $313.91 and 11.2% below its 50-day simple moving average of $318.39. However, it remains 19% above its 100-day simple moving average of $237.65 and 52% above its 200-day simple moving average of $186.08.The 20-day moving average remains below the 50-day moving average, signaling weak near-term momentum. However, the longer-term trend remains constructive after the 50-day average crossed above the 200-day average earlier this year.The moving average convergence divergence (MACD) indicator also points to fading momentum. The MACD remains below its signal line, while the histogram is negative. That suggests buying pressure has weakened following the recent rally.