As the S&P 500 hits all-time highs, Alphabet Inc (NASDAQ:GOOGL) struggles. There are a couple reasons for this. The first is that this is a double top on the stock chart. This same level as the last all-time high on Alphabet going back to February 2nd, 2016. The second is this is the major high after-hours weeks ago when Alphabet reported earnings. The last reason could be much more telling about the future of the stock market. Alphabet is a leading stock, if it stops leading, could it tell us that the stock market is nearing a pull back? Tough to know at this point as stocks continue to see upside but often times leading stocks stop leading just before a market correction.