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.

By Mike Paulenoff

Mike Paulenoff is author of MPTrader.com (www.mptrader.com), a real-time diary of his technical analysis and trading alerts on ETFs covering metals, energy, equity indices, currencies, Treasuries, and specific industries and international regions.

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