Alphabet (GOOGL) looks solid

While today's (1/9/2026) The Chart Check report highlighted the risk of a head and shoulders top for the Magnificent Seven ETF (MAGS) relative to both the S&P 500 (SPY) and S&P 500 Equal Weight (RSP), the chart pattern and technical setup for Alphabet (GOOGL) remains solid.

We last covered GOOGL in this blog on October 30, 2025. The stock achieved the tactical targets at 292-297 and is approaching a longer-term projection at 161.8% extension level near 340.

Unlike the MAGS ETF, GOOGL has maintained its leadership trend and is probing to new highs relative to the S&P 500.

Chart 1: Alphabet (GOOGL) (top) and relative to the S&P 500 (bottom)

The tactical setup for GOOGL shows new highs for on balance volume and a firm trend for the volume advance decline indicator, which bodes well for additional upside in our view. While above the rising 13-, 26-, and 40-day moving averages from 316 down to 309 (also a broken downtrend line) the immediate trend stays bullish with upside potential to extension targets at 353-354 and 389-390.

If this stock starts to struggle and moves below its daily moving averages, the most recent higher low from mid December at 296 offers an important risk management support.

Chart 2: Alphabet (GOOGL) (top), on balance volume (center), and volume advance decline (bottom)