Alphabet quietly hits new record in down market, forming bullish 'cup-and-handle' chart pattern

Mega-cap Alphabet is one of the top performers in the S & P 500 Monday, hitting a new all-time high as the rest of the market struggles. This strength is meaningful on the chart because it lifts the stock above long-term resistance near $151, which goes back to 2021. Assuming the breakout is made decisive by the end of the week, we would see it as a bullish long-term development for

per a new bullish crossover in the weekly MACD. This should allow overbought conditions to be absorbed well.

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