GS Goldman Sachs Daily Chart H&S Pattern

The financials are a very important influence on the broad indexes currently as verified by today's drama with XLF 15.67. According to Keystone's algo, the markets will remain weak if the XLF stays under 15.67.  Banks such as GS, BAC, C, WFC and others will impact the XLF.  The chart above shows GS with a head and shoulders (H&S) pattern in place. The head, or heads for this two-headed monster, is 126, the neck line is 113. Thus, a 13 difference would target 100 if the neckline fails.  Price is below the 20-day MA which is below the 50-day MA which is bearish.  Projection is a move lower from here with the neckline failing any day forward and leading to 100 in early 2013.  The weakness in GS will create negativity for the XLF as well.  This information is for educational and entertainment purposes only. Do not invest based on anything you read or view here.  Consult your financial advisor before making any investment decision.