Alphabet Q3 Preview: Rebound Quarter Inbound?

$Alphabet-C(GOOG.US)$ $Alphabet-A(GOOGL.US)$ Alphabet shares have experienced adverse price action YTD, down nearly 30% and underperforming the general market by a wide margin. $S&P 500 Index(.SPX.US)$
Over the past three months, however, GOOGL shares have traded in line with the general market, down just under 5%.
While the year-to-date price action of GOOGL shares leaves much to be desired, the near-term price action indicates that sellers could be losing control.
Following the sell-off in 2022, GOOGL shares have become relatively cheap; the company’s 19.9X forward earnings multiple is well beneath its 26.7X five-year median