Wednesday, July 14, 2010

GS "Goldmans Sack" - Looking good!

Goldman's Sack (As I like to call it) broke above the descending trend line (top channel) and above the 50SMA.  RSI just peaked above 50 which I also consider bullish.  The market has been picking up lately and tomorrow is a crucial day for the SPX as it closed right at the 50SMA.  If Goldman takes the role of a market leader after all the bad news surronding the stock lately, the market is definitely going higher!  GS has room to run, if there is continuation, 1st Target 145 (approx), 2nd Target 149.50!

GS Daily Chart:
























SPX Daily Chart - hitting right into the 50 SMA


Posted by Boricua Trader at 1:58 AM

1 comment:

  1. Michelle BeisselJuly 14, 2010 at 2:40 AM

    Nice chart analysis.

    The Golden Sack closed just above 140, an important level. I am in, but with a fairly tight stop, so I probably will be shook out!

    ReplyDelete

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