Financial Stocks Still Tell The Tale
This morning, all of the leading financial stocks are holding up after an early morning dip. J.P. Morgan Chase & Co (NYSE:JPM) is considered the most important financial stock in the United States. As long as JPM holds up it is very difficult to see the major stock market indexes stage any meaningful decline. Traders that follow JPM stock can watch for intra-day resistance around the $38.25, and $38.50 levels.
Other important financial stocks that traders should follow are Goldman Sachs Group Inc (NYSE:GS), Morgan Stanley (NYSE:MS), and Deutsche Bank AG (NYSE:DB). All of these leading stocks have rebounded off of their morning lows. As long as the financial stocks hold up the major stock indexes will likely hold up as well.