Goldman Sachs Testing 200-Day MA

01/21/2010 1:29 pm EST


Thomas Aspray

, Professional Trader & Analyst

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Stocks are getting hammered today with the financials and materials leading the way. Despite better-than-expected earnings, Goldman Sachs (GS) is also down sharply, over 4%, and has reached its rising 200-day MA. There is additional support in the $150 area with the 38% support level and long-term trend line at $140. Volume has picked up today and is the highest since last summer. The short-term trend is down, but the longer term still looks positive.

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