Financials Can Decline Further

04/19/2010 9:38 am EST


Thomas Aspray

, Professional Trader & Analyst

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Friday’s news on Goldman Sachs and the sharp reversal in their stock and the market in general suggests that a short-term top is in place. Positive intermediate-term analysis indicates this will be a correction in the major uptrend. First good support for the S&P 500 at 1150, which is about 3.5% below current levels. The S&P financials reversed sharply from the 230 level, and a retest of the breakout could take it back to the 205 area, which is about 7% below current levels.

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