Yesterday’s strong start didn’t end up with a strong finish, though it wasn’t disastrous either. The S&P 500 ended up closing at 2,900.45, down 0.23%. Higher volume and a “bottomy” VIX suggests this could be a major pivot point, though it’s far too soon to make such a call yet.
The indices may have fared considerably better had it not been for Sprint (NYSE:S). Shares of the wireless company slumped more than 6% on whispers that its intended merger with T-Mobile (NASDAQ:TMUS) may meet resistance with the Department of Justice.
At the other end of the spectrum, Qualcomm (NASDAQ:QCOM) jumped 12% after it and Apple (NASDAQ:AAPL) finally (mostly) ended a long-standing legal battle over intellectual property.
None of those names are especially great trading prospects as we kick off the last trading day of the holiday-shortened weak. Rather, it’s the stock charts of Goldman Sachs Group (NYSE:GS), Amgen (NASDAQ:AMGN) and Citrix Systems (NASDAQ:CTXS) that merit the closest looks.
AMGN stock isn’t beyond salvaging yet. But, it’s taking on water. A little more downside could do the trick and put a self-sustaining selloff into motion.
- The technical problem is most evident on the weekly chart. The lower boundary of the rising trading channel hasn’t cleanly kept the uptrend intact. In fact, Wednesday’s close was below that floor.
- There are still two horizontal floors in place, both plotted in red on both stock charts. Each is a level at which AMGN stock has made key lows since October.
- It’s subtle, but the string of lower highs seen since the early December peak is the first time we’ve seen two lower lows since 2015.
Citrix Systems (CTXS)
Citrix Systems is a name that has been on our radar, and examined frequently, for the better part of the past few months. With our last look on April 4, a failed effort to break above a major ceiling was a major red flag that the bulls just aren’t ready to roll.
Since then, things have continued to deteriorate. CTXS stock remains below a minor support level, and a couple of major support lines are under attack.
- One of those support lines is right around $98, plotted in green on the daily chart. That’s where Citrix stock bottomed a couple of times since October.
- Zooming out to the weekly chart, we can see the support line — plotted in blue — that has tagged both major lows since early 2016 is also under pressure.
- The lower edge of the converging wedge pattern marked by yellow lines on both stock charts hasn’t been able to keep CTXS stock propped up since March.
Goldman Sachs Group (GS)
GS stock hasn’t made any major net progress since January’s surge. But, it has been working on a breakout thrust that’s almost ready to launch. One or two more good days could do the trick, and the backdrop is already as encouraging as it needs to be.
- The make-or-break level in question is right around $208, where the white 200-day moving average line currently lies, and where the resistance line that tags the prior three major highs also awaits. That line is plotted in yellow on both stock charts.
- Zooming out to the weekly timeframe we can see the past four slightly bullish weeks have been on decent — and growing — volume.
As of this writing, James Brumley did not hold a position in any of the aforementioned securities. You can learn more about James at his site, jamesbrumley.com, or follow him on Twitter, at @jbrumley.
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