This morning, leading financial stock Goldman Sachs Group Inc (NYSE:GS) is trading sharply lower after reporting earnings. This financial giant is part of the thirty stocks in the Dow Jones Industrial Average (DJIA). It should be noted that the DJIA is a price cap weighted index, therefore Goldman Sachs has a very high weighting in the group. A fair case can be made that today’s decline is Goldman Sachs stock price is the sole cause for a 50.0 to 60.0 point decline in the DJIA.
Short term day traders should watch for important chart support on Goldman Sachs Group (NYSE:GS) stock around the $210.47 level. Swing traders should watch for major chart support around the $196.67 level. This trade level matches up with the 50-week moving average which is used by many institutional investors and traders.
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