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What's Wrong With Goldman Sachs Stock?



March 11, 2014 – Comments (0) | RELATED TICKERS: JPM , BAC , BLK

As we all know, the major stock indexes have been making new all time highs. The leading financial stocks have been surging higher driving the stock market into uncharted territory. Recently, leading financial stocks such as J.P. Morgan Chase & Co (NYSE:JPM), Wells Fargo & Co (NYSE:WFC), and Bank of America Corp (NYSE:BAC) have been making new 52-week highs, but Goldman Sachs Group Inc (NYSE:GS) has not made new 52-week highs. In fact, GS stock looks to have peaked on January 6th, 2014 at $181.13 a share. Today, the stock is trading around $173.13 a share.

What is wrong with Goldman Sachs stock? At this time, GS stock is trading into a lot of daily chart resistance around the $174.00 level. The stock looks vulnerable to a pullback from this resistance area. Just the fact that Goldman Sachs stock price is not leading the financial stocks higher is somewhat alarming. Swing traders must be on guard for any decline below the $172.00 level on a closing basis, this could signal a larger decline down to the $157.00 area which would be weekly chart support and an area where the stock would likely see institutional sponsorship.

Some other market leading financial stocks that are not yet making new highs on the daily chart include Morgan Stanley (NYSE:MS), BlackRock, Inc. (NYSE:BLK), and Deutsche Bank AG (NYSE:DB). When the large broker/dealer stocks lag the other large financial stocks it is often a sign weakness to come in the overall stock market. 

Nicholas Santiago

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