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Goldman Sachs Surges Into Major Technical Level

The markets continued their advance today after weekend news from China continued the party on Wall Street. The financial stocks like JPMorgan Chase & Co. (NYSE:JPM) and Goldman Sachs Group, Inc. (NYSE:GS) have lead this rally with gigantic moves higher off lows. Goldman Sachs is now showing signs of hitting a major technical level that could mean a pull back later this week. Goldman Sachs has run into a key gap fill from August 10th, 2010 at $153.90 and at $154.50 it also hit the 200 moving average on the daily chart. Both levels have been hit today. As a major leader, Goldman Sachs can be looked at as a barometer for the markets as well. This means if Goldman is hitting major resistance and ready to pull back, the markets may follow.  Note the chart below. To gain more insight, analysis, guidance, swing trades and education, join the Research Center.

Gareth Soloway
Chief Market Strategist