GS is currently in a 2-day consolidation mode with earnings announcement this a.m. ET. By far the largest culprit behind Goldman's (GS -0.5%) lackluster Q2 results is the decline in the company's trading operations, with its revenues plunging 47% from Q1. Accompanying this decline is a diminished risk appetite, with the firm's "value at risk" on a given day falling to $101M, its lowest level since Q3 2006.

Based on this 5 min chart the stock gap below the 2 day low and then was able to rally back above it to make a second dip, but still is clear that the stock wants to be higher than what its currently at. Moreover, the company stock is in a decline role.