Goldman Sachs (GS) has a chance to exert considerable influence on the markets this afternoon, despite earnings after the bell for AAPL and YHOO. But which direction?

Yes, GS has climbed 4% off of this morning's low at 140 (to 146), but must hurdle and sustain above 147.00-148.00 to trigger upside continuation that should retest 154.00 on the way to 160.00. Conversely, inability of GS to hurdle key resistance followed by a decline that breaks and sustains beneath 144.00 will argue for a revisit of today's "turn area" between 142.00 and 140.00.

 

Mike Paulenoff is a 26-year veteran of the financial markets and author of MPTrader.com.