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Goldman Sachs (GS) has a chance to exert considerable influence on the markets this afternoon, despite earnings after the bell for AAPL and YHOO. But which direction?
Yes, GS has climbed 4% off of this morning's low at 140 (to 146), but must hurdle and sustain above 147.00-148.00 to trigger upside continuation that should retest 154.00 on the way to 160.00. Conversely, inability of GS to hurdle key resistance followed by a decline that breaks and sustains beneath 144.00 will argue for a revisit of today's "turn area" between 142.00 and 140.00.
Mike Paulenoff is author of www.MPTrader.com, a real-time diary of his technical analysis & trade alerts on ETFs for precious metals, energy, currencies, and an array of equity indices and sectors, including international markets, plus key ETF component stocks in sectors like technology, mining, and banking. Sign up for a Free 15-day Trial!
