GS Goldman Sachs Daily Chart; Goldman Stops Historic 11-Day Slide

Goldman Sachs falls for 11 consecutive days the longest losing streak in the investment bank's history. On Thursday, 9/13/18, GS halts the epic slide eking out a tiny +0.1% gain. Note how price failed the 200-day MA support in April, then came up for the back kiss in May, and failed, then came up for another back test in August, and failed.

GS prints a death cross (50-day MA stabs below the 200-day MA)  in late May (black circle) where you would then expect a short-term recovery which occurs in early June, then another rally during July, but price rolls over again. As long as the death cross remains in play, the intermediate term (weeks and months) will remain weak and bleak. The 20-day MA crosses above the 50-day and the 50 crosses above the 100 which is encouraging for the Goldman bulls. Watch that 50/100 cross to see if it can be maintained, or not.

The chart has the inverted head and shoulders (H&S) vibe. The end of June and early July is the head at 219-ish. For the blue inverted H&S, that had a failed breakout, the baseline is 238 so the upside target would be 257 if the 238 is taken out again. For the brown inverted H&S, that uses the 200-day MA as its base line at 244, the upside target is 269 if price can overtake the 200 at 244. The right shoulder is currently trying to form for the brown inverted H&S.

For the bears, a failure at the 227-228 support will lead to major problems for Goldy. Price is at a critical juncture. The lower standard deviation is tested and violated which places the middle band at 236 on the table. The MACD line is weak and bleak wanting a lower low in price even if GS bounces for a day or two due to the oversold stochastics.

Keybot the Quant remains short the stock market and identifies XLF 27.99 as a key bull-bear line in the sand that dictates the path ahead for equities. Thus, the banks are uber importante right now. Watch them like a hawk in the Friday trade. If XLF fails at 27.99, only pennies below the current price, it spells serious trouble ahead for the stock market. Market bulls will rejoice and celebrate into the weekend if banks rally. 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.