The three major stocks in this analysis all share the same quiet behavior in the premarket trading for Tuesday. At this point, the markets are a bit tied up, as we await the latest tariff news.
The Tesla market looks as if it is going to open a little lower than it closed during the previous session. But really at this point in time, it is worth noting that we are in the midst of trying to form some type of basing pattern, and that, of course, will have a major influence on where we go next. The $250 level seems to be a bit of a fulcrum for price. It’s basically right in the middle of the consolidation between $280 above and $220 below. I think we’re still trying to sort things out, but volume is picking up, which is a good sign.
Palantir has the look of a market that is still trying to sort out whether or not it can continue to the upside. But we’ll just have to wait and see how this plays out. I think you’ve got a situation where you could see traders buying the dip, especially if we get close to the 50 day EMA. Ultimately, if we can break the crucial $100 level above, then it allows Palantir to go much higher. I think a lot of this is going to come down to risk appetite overall because quite frankly, everything else is.
Super Micro Computer is opening down a bit from the previous session, but not enough to be overly concerned about. At this point in time, it looks like we are trying to find a floor in Super Micro Computer near the $28 level. And this, of course, has the makings of a long sideways move while we try to sort out what goes on with tariffs. After all, the tariffs will have a major influence on a lot of electronics. So, in that environment, it makes a lot of sense that perhaps there isn’t a ton of money flowing into this market at the moment because there just is not enough confidence.
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Chris is a proprietary trader with more than 20 years of experience across various markets, including currencies, indices and commodities. As a senior analyst at FXEmpire since the website’s early days, he offers readers advanced market perspectives to navigate today’s financial landscape with confidence.