Good call there mate! My analysis says the same and not only MSFT but Apple, Google, Meta, Health Care, Real Estate and more, basically a broader decline in risk assets. 
I often find that combining different classes of indicators (trendlines + Support/Resistance + moving averages + oscillators) with differing TA theories (Elliot waves + cycles theory) can help eliminate a lot of uncertainty.
For example in the chart above, price fell out of the long term upward channel (trendline) going back to Oct '22. I use the red and yellow SMAs to measure cycles (cycle theory) as well as momentum (oscillator).
I use my own tweaked version of cycles theory but overlaying the cycles with Elliot Waves illustrates it pretty well. Basically price made a lower low after falling out of the upward channel forming the corrective (A) wave.
We also have an unconfirmed (B) wave, which will be confirmed when the red moving average turns down.
Now with a bit of imagination, we extrapolate what the future would look like:
A weekly close below the dashed yellow support line (Support / Resistance) would complete the H&S pattern and increases the odds of price moving below the long term yellow SMA indicating a change in long term momentum (oscillator). That will more than likely turn the red SMA down confirming the (B) correction wave as price will then travel down forming the corrective (C) wave which in turn will probably bend the long term yellow SMA down confirming a long term bear market.
While we can never be 100% certain, the odds favor a long term decline. What will make me reassess my view is if price moves above the (B) wave high @ $441.85