Large-cap growth group is resuming its breakout
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The re-emergence of large cap growth (NYSEARCA:IWF) is supported by the rotational aspect of the S&P 500’s (SP500) bull cycle, said Ari Wald, head of technical analysis at Oppenheimer.
“Relative to value, the growth benchmark has been building off its 200-day average since correcting from its July peak, and last week’s acceleration is confirming a resumption of a larger breakout above the ratio’s year-2021 peak,” he wrote in a note.
In addition, the growth style (IWF) has traded above its 200-day average compared to the value style (IWD) since March 2023, and it is expected to remain the leader.
Oppenheimer analysts highlighted four top large-cap growth stocks:
- Apple Inc. (AAPL) – The stock is seeing a fresh breakout.
- Amazon Inc. (AMZN) – Analysts recommend to “stick with breakout.”
- Alphabet Inc. (GOOG) – The stock is seeing a bullish reversal.
- Meta Platforms Inc. (META) – The stock is seeing a fresh breakout.
Lastly, analysts expect the bull cycle to extend into next year and expect a year-end rally.