Goldman is one of the most prmoninent stocks in the market. Brokers are considered a leading indicator.
Here we have Goldman trapped under the 40 WMA. Looking back we can see Goldman has been early in rolling over before markets correct.
Goldman has topped before the $SPX tops on intermediate swings.
The other perspective is that Goldman gets weak in April. That would also explain three of the last 4 years.
Greg Schnell, CMT
About the author:
, CMT, is a Senior Technical Analyst at StockCharts.com specializing in intermarket and commodities analysis. Based in Calgary, he is a board member of the Canadian Society of Technical Analysts (CSTA) and the chairman of the CSTA Calgary chapter. He is an active member of both the Market Technicians Association (MTA) and the International Federation of Technical Analysts (IFTA).
Greg is also the co-author of Stock Charts for Dummies
Greg joined StockCharts.com in 2012 and has be instrumental in helping launch a variety of new blogs and other commentary platforms. Presently, Greg contributes market analysis commentary to The Canadian Technician
, Commodities Countdown
and Don't Ignore This Chart