Minor upside on the open was quickly faded with weakness in energy/tech. However, continued strength in financials following the Whitney upgrade of GS from neutral to buy, helped push the markets higher. As noted previously, the markets were technically oversold and needed a catalyst for relief beyond consolidation. Today's strong finish puts us back above the neckline of the widely watched S&P head-and-shoulders pattern.Big pressure on GS to deliver better than expected earnings/guidance tomorrow morning.
GS opened wide, retested support of 2 previous days' highs. It looked solid on a break of IB (not perfectly inside), but good enough.
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