Goldman Sachs (GS), Netflix (NFLX) & Dell Technologies (DELL)- Stock Leaders

Pullbacks into Support

The stock market is experiencing the seasonal dip we talked about last Sunday. But some Leader Stocks are setting up nicely on support, providing decent entries. Let’s roll through a few.

Goldman Sachs (GS): GS had a 22% earnings beat and an 8% revenue beat on their 10/15 earnings report. On the daily chart (upper right) you can see it gapped into the R2 Pivot Point and found resistance. Six trading days later you can see that it pulled back to the R1 Pivot Point and found support there, while holding above the 21 EMA (blue). This seems ready to start another leg higher. There is still plenty of time to head higher on the daily and weekly (lower right) charts’ cycle brackets. Meanwhile the cycle bracket on the hourly chart (left) renewed and found buyers. GS is above the 50 EMA on the hourly chart, which is telling us another leg higher is setting up.

This is our cycle forecast for GS as included in our 4Q2024 Magnificent 7 Cycle Forecasts package. The Cycles Composite (blue), Energy Cycle (pink) and Seasonal Cycle (green) all point to an uptrend heading into year-end.

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