Why are stocks moving back and forth at the speed of light but not really making any net progress? The answer is simple: the major indices are in a vacuum. Indeed, the S&P 500 (SPX) has oscillated violently between 4,835 and 5,500 since April 3. And, of course, prices are being pushed around by whatever the headlines of the day happen to be. Because the SPX basically crashed from 5,500 to 4,835 in only a couple of days, there is no chart support or chart resistance in this region. So price can move easily in the area with little or no technical restrictions to control the enormous volatility. Generally, this is a sign that the market is trying to trace out at least an intermediate-term "Hoover-style" bottom. On Friday, the SPX was able to push through the top of its April range after being rejected five times since April 9. We do not consider this move over 5,550 to be an official breakout; it was only by 25 points and we need to see some follow-through this week. If we get additional buying, it could open the door for a run to the 5,640 zone, which is a key 61.8% retracement of the correction. That is also the location of the falling 50-day average. The next important chart resistance is up at 5,770-5,780 from the high in late March and the low in mid-January. We did see some very encouraging breadth stats last week, which would suggest the correction is possibly over and the indices are heading to all-time highs. We had a rare Zweig Breadth Thrust, which, since 1950, has occurred 16 times. The SPX was higher six months and 12 months later on each occasion, with average returns of 16% (six months) and 24% (12 months). (Mark Arbeter, CMT)

Alphabet, formerly called Google, maintains the largest online index of websites accessible through automated search technology. It generates revenue through online advertising, cloud services, and hardware. Google is now an operating segment of Alphabet. The company was founded in 1998 by Sergey Brin and Larry Page and went public in 2004. Google's AdWords is an auction-based program that lets businesses display ads along with particular search results. Google's AdSense program enables websites in the company's network to serve targeted ads, based on search terms or web content, from AdWords advertisers. Most of the revenue generated through AdSense is shared with network partners. In addition, Alphabet owns YouTube.com, the web-based video site. It has also expanded into mobile telephony with its Android smartphone operating system and into public cloud services. About 52% of Alphabet's revenue is generated outside the U.S. On April 3, 2014, Alphabet's new nonvoting class C shares began trading under the ticker GOOG. Alphabet's publicly held class A shares switched to the ticker GOOGL. The effect of the new class C share issuance was a non-economic 2-for-1 stock split. On July 15, 2022, Alphabet executed a 20-for-1 stock split on its Class A, Class B and Class C stock. The stock split had no impact on the economic value of GOOGL shares.

The wireless business contributes nearly 70% of AT&T’s revenue. The firm is the third-largest US wireless carrier, connecting 73 million postpaid and 17 million prepaid phone customers. Fixed-line enterprise services, which account for about 15% of revenue, include internet access, private networking, security, voice, and wholesale network capacity. Residential fixed-line services, about 11% of revenue, primarily consist of broadband internet access, serving 14 million customers. AT&T also has a sizable presence in Mexico, with 24 million customers, but this business only accounts for 3% of revenue. The firm has agreed to sell its 70% equity stake in satellite television provider DirecTV to its partner, private equity firm TPG.

Alphabet is a holding company that wholly owns internet giant Google. The California-based company derives slightly less than 90% of its revenue from Google services, the vast majority of which is advertising sales. Alongside online ads, Google services houses sales stemming from Google’s subscription services (YouTube TV, YouTube Music among others), platforms (sales and in-app purchases on Play Store), and devices (Chromebooks, Pixel smartphones, and smart home products such as Chromecast). Google’s cloud computing platform, or GCP, accounts for roughly 10% of Alphabet’s revenue with the firm’s investments in up-and-coming technologies such as self-driving cars (Waymo), health (Verily), and internet access (Google Fiber) making up the rest.