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Can Walmart protect you from the September swoon?
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Trends & Analysis
News
Can Walmart protect you from the September swoon?
News
Costco’s shares slide despite upbeat results
News
US stocks decline after Fed lifts rate by 75bps
News
Ford shares hit speed-breaker amid supply concerns
News
Crude oil burns brighter amid supply concerns
News
Gold recovers after closing at a two-year low

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Asset Watch

Has Alphabet completed its A-Z rally?

 

Thursday, August 18 2022

With the NASDAQ Composite rallying hard off the June lows, the index has retraced roughly half of its initial 2022 declines. JPMorgan’s Mislav Matejka is expecting further upside after telling clients on Aug. 15 that the decline in long-term interest rates was “one of the big catalysts for the rebound.”

 

“We think that the tactical rebound in growth style has some more legs, as bond yields are likely to stay stuck,” he said. And while he noted that the call “is only tactical,” he added, “it likely has some further to go, perhaps even until year-end.”

 

However, while Big Tech has increased its fan base on Wall Street, is Alphabet approaching a make-or-break moment?

Source: TradingView

Despite the recent upswing, the sharp decline in April (the pole), combined with the recent consolidation (the flag), has formed an ominous bear flag pattern. Furthermore, with Alphabet closing near the top of the range on Aug. 16, the parent company of Google needs to break out, or another sharp pullback could materialise.

Right above the upper trendline of the bear flag pattern is Alphabet’s declining resistance line, drawn from the November 2021 highs. Meaning the advertising giant must overcome two technical hurdles to continue its revival.

Is Alphabet running out of bullish letters, or will JPMorgan’s prediction spell trouble for the bears?

 

JPMorgan bullish tech:

https://ca.investing.com/news/stock-market-news/this-stock-rally-has-more-legs-could-extend-until-year-end–jpmorgan-432SI-2746941

https://ca.finance.yahoo.com/news/stock-market-rally-room-run-181049002.html

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