Caterpillar stock hits record $63B backlog, but daily downtrend persists

Caterpillar stock closed at 830.03 after beating Q2 earnings, with data center spending fueling power-generation growth. Yet the daily chart remains corrective, with CAT trading below key moving averages. The tension between record fundamentals and weakening technicals now defines the setup.

Key takeaways

• CAT closed at 830.03 after beating Q2 earnings, but trades below both its 20-day EMA and 50-day EMA.
• The daily RSI14 sits at 39.55 with a widening negative MACD histogram, confirming bearish momentum.
• Caterpillar’s order backlog reached a record $63 billion, driven by AI-related power demand.
• Key resistance sits at 834–842; a break below 811.38 would put sellers back in control.
• Daily ATR14 at 40.79 signals elevated volatility in the sessions ahead.

Daily Chart: Caterpillar Stock Under Pressure

CAT is under clear daily pressure. The stock trades below its 20-day EMA at 875.57 and its 50-day EMA at 892.48. It still holds above the 200-day EMA at 755.80. This configuration points to a long-term uptrend now working through a sharp intermediate pullback. The break below the shorter EMAs is the more immediate concern for trend-followers.

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