Financial Stocks Lead The Decline

The major financial institutions have been holding steady over the past week, however, this morning, the large financial stocks are leading the major stock indexes lower. When the major financial stocks decline it will certainly put a lot of pressure on the S&P 500 Index. The financial sector accounts for 14.0 percent of the S&P 500 Index. J.P. Morgan Chase & Co.JPM is considered the leading financial stock in the entire stock market. This morning JPM is trading lower by 0.72 cents to $42.52 a share. Short term traders can look for intra-day support on this stock around the $42.10 level. The stock could see small bounces around this level, however, this sector is weak and could trade lower if the major stock indexes decline further. American Express Co.AXP has been in a solid uptrend on the daily charts trading above the daily 20, 50, and 200 moving averages. This stock is trading lower by 0.89 cents to $50.74 a share this morning. Short term traders can watch for intra-day support around the $50.50 and $50.00 levels. Both area could see small intra-day bounces. Other leading financial stocks that are declining lower this morning include Goldman Sachs Group Inc.GS, Well Fargo & Co.WFC, and Bank of America Corp.BAC. This sector is signaling weak intra-day relative strength, therefore, traders must be very cautious when looking for intra-day bounces in these leading stocks. Nicholas Santiago InTheMoneyStocks.com