Alphabet Inc (GOOG)

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Alphabet Inc. (GOOGL) 2023 Stock Market Forecast
By: Tom Bowley | January 1, 2023

Large Caps Must Rebound

Our major indices like the S&P 500 and NASDAQ 100 are driven mostly by large cap performance. These are two market-cap-weighted indices, meaning that large cap stocks like Apple, Inc. (AAPL) and Microsoft (MSFT) will carry a heavy burden. The following six companies represent more than 20% of the S&P 500 and nearly 42% of the NASDAQ 100. If they don't rebound and begin to outperform, it'll likely be another difficult year ahead. Here's a quick glance at each of the four on long-term monthly charts:

GOOGL:



Alphabet (GOOGL) has seen a steady drop in 2022, but it has crushed many of its internet peers. GOOGL remains a clear leader in the space. However, the internet group ($DJUSNS), as a whole, was the fourth worst performing industry group (out of 104). GOOGL has now tested its monthly PPO centerline and its 50-month SMA.

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