Mega-cap Alphabet ( GOOGL ) was one of the top performers on the S&P 500 Monday, hitting a new all-time high as the rest of the market struggled. This strength makes sense on the chart because it lifts the stock above long-term resistance near $151, which goes back to 2021. Assuming the breakout becomes decisive by the end of the week, we’ll see this as a bullish long-term trend for GOOGL. The breakout acts as a positive catalyst and targets $184 based on a measured move. The rally signals an extension of the cyclical uptrend and gives the chart the shape of a bullish “cup and handle” formation. Cup-and-handle breakouts tend to have bullish continuations, as we saw from Microsoft (MSFT), which completed a similar pattern last November. Interim momentum renews behind GOOGL per new bullish crossover on weekly MACD. This will allow the overbought conditions to soak in well. GOOGL’s cyclical uptrend is supported by long-term trend-following counters such as the weekly cloud model (shaded area on the chart). Support for the stock can be gauged from the rising 200-day (and 40-week) moving average, which recorded the most recent corrective low. —Katie Stockton with Will Tamplin Access research from Fairlead Strategies for free here. NOTICES: (None) THE ABOVE CONTENT IS SUBJECT TO OUR TERMS AND CONDITIONS AND PRIVACY POLICY. THIS CONTENT IS PROVIDED FOR INFORMATIONAL PURPOSES ONLY AND DOES NOT CONSTITUTE FINANCIAL, INVESTMENT, TAX OR LEGAL ADVICE OR A RECOMMENDATION TO PURCHASE ANY SECURITY OR OTHER FINANCIAL INSTRUMENT. THE CONTENT IS GENERAL IN NATURE AND DOES NOT REPRESENT THE UNIQUE PERSONAL CIRCUMSTANCES OF ANY INDIVIDUAL. THE ABOVE CONTENT MAY NOT BE SUITABLE FOR YOUR PARTICULAR CIRCUMSTANCES. BEFORE MAKING ANY FINANCIAL DECISIONS, YOU SHOULD STRONGLY CONSIDER SEEKING ADVICE FROM YOUR OWN FINANCIAL OR INVESTMENT ADVISOR. Click here for full disclaimer. 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