Chart of the Day - Thursday, April 21st, 2022

Today’s Chart of the Day was shared by David Rath (@DJwrath). It's a daily candlestick chart of Alphabet Inc. ($GOOGL) over the past year. The stock broke below key support around $2,500 today, closing at a 9-month low. Keep in mind that this is the largest stock in the Communications sector, which has already been plagued by the weakness in $FB and $NFLX. This is also among the top five components in the S&P 500 and Nasdaq 100, so it's an important piece of the puzzle. Earnings are coming up next week on Tuesday, April 26th. It would be constructive to see the $GOOGL reclaim support around $2,500, but caution is warranted as long as it's below there.