Look at 2007 and at the Google main revenue source
To understand which direction Google shares are heading, look at their main source of revenue - advertising.
It will take Google incredible effort and some time to offset future drops/stagnant revenue from the ads with revenue from selling services, devices, apps, and their own OS. At the same time - market in general is almost an exact copy of 2007. In 2007 most of the stocks had reached their peaks in July, then the major fall started in September. However Google was still on the rise till end of 2007, I guess, based on funds rotation from other stocks. Also, Google is not a high volatility stock, meaning in uncertain market it is a bad choice for day-trading. I expect Google to trade lower after today's earnings, and declining even further during August. At the current Google market-cap (similar to MSFT) - Google stock is overpriced 30% vs Microsoft based on future earnings, which could come or not, but not in the immediate future.
Based on advertisement, if advertisement revenue shrinks - so would Google revenue, for the last 3 years Google stock was rising despite missing revenue estimates several times, but exceeding earnings (because of high profit margins)