The three tech stocks in this market analysis look forward to the speech by Jerome Powell, to get an idea of what the Federal Reserve is going to do with its monetary policy. This area of the stock market is very sensitive to this, so it makes sense that we are ‘hanging around.’
Palantir looks like it is going to open lower for the trading session on Friday, which is a bit interesting considering how much destruction this stock has seen. It’s just slightly lower, so I’m not overly worried about it, but it does seem like perhaps Palantir needs a little bit of confidence building. We formed a massive hammer during the trading session on Wednesday, and Thursday was a bit quiet, so it looks like Friday’s going to open up about where Thursday closed, maybe a little bit lower, and now we have to see whether or not the $150 level holds. If it does, then I think Palantir will eventually be fine.
The market for Tesla looks relatively flat as we wait for this major speech from Jerome Powell, as we sit right here at the 50 day EMA. The 50 day EMA is basically flat, and we are essentially in the middle of a larger triangle. So, I think this is a market that’s just killing time trying to figure out what to do with itself from a longer term standpoint. Because of this, I am very neutral on this market, but I do think ultimately Tesla probably rises. But at this point in time and at this part of the year with a lack of volume, I think Tesla’s going to struggle to be overly impressive.
