Technical Analyst, Saxo Bank
Palantir Tech is set to open 12% lower at 22.25 after disappointing earnings after market yesterday—indicated by the dashed red line.
The bullish break out yesterday, where Palantir closed above the cloud and the strength indicator RSI closed above 60 threshold i.e., in positive sentiment, could be demolished.
If Palantir is closing below 21.63, the downtrend has resumed. Key support at 20.30 could then come under pressure.
20.30 is the upper boundary of the gap created back in February. A close below 20.30 could further fuel a sell-off in Palantir.
If Palantir can be lifted back above 24.10, the uptrend could be resumed.
Disney is set to open approximately 7.50% lower after disappointing earnings and subscriber numbers—indicated by the dashed red line.
If Disney is closing below 110.34, the bearish trend that has been unfolding since the April peak remains intact. A daily close below 106.80 and the sell-off is likely to be intensified. The gap from February could come under pressure.
The strength indicator RSI is being rejected at the 60 threshold thus still in negative sentiment, supporting the bearish outlook.
However, the 100 daily Moving Average will offer some support, adding to the strength of support at 106.80.
For Disney to establish a bullish trend, a daily close above yesterday's close, i.e., above 116.94, is required.
2024: The wasted year
Markets are driven by election optimism, overshadowing growing debt and liquidity concerns. The 2024 elections loom large, but economic fundamentals and debt issues warrant cautious investment.
As US economic slowdown hints at a shift away from exceptionalism, USD faces downside with looming Fed cuts. AUD and NZD set to outperform as their rate cuts lag. JPY gains on carry unwind bets and BOJ pivot.
Amid AI and obesity drug excitement, equities see varied prospects: neutral on overvalued US stocks, negative on Japan due to JPY risks, positive on Europe. European defence stocks gain appeal.
With the economic slowdown, quality assets will gain favour, especially sovereign bonds up to 5 years. Central banks' potential rate cuts in Q2 suggest extending duration, despite policy and inflation concerns.
Commodities poised for rebound. The "Year of the Metal" boosts gold and silver, copper awaits rate cuts. Grains may recover, natural gas stabilises. Gold targets $2,300-$2,500/oz, copper's breakout could signal growth.
Markets are driven by election optimism, overshadowing growing debt and liquidity concerns. The 2024 elections loom large, but economic fundamentals and debt issues warrant cautious investment.
As US economic slowdown hints at a shift away from exceptionalism, USD faces downside with looming Fed cuts. AUD and NZD set to outperform as their rate cuts lag. JPY gains on carry unwind bets and BOJ pivot.
Amid AI and obesity drug excitement, equities see varied prospects: neutral on overvalued US stocks, negative on Japan due to JPY risks, positive on Europe. European defence stocks gain appeal.
With the economic slowdown, quality assets will gain favour, especially sovereign bonds up to 5 years. Central banks' potential rate cuts in Q2 suggest extending duration, despite policy and inflation concerns.
Commodities poised for rebound. The "Year of the Metal" boosts gold and silver, copper awaits rate cuts. Grains may recover, natural gas stabilises. Gold targets $2,300-$2,500/oz, copper's breakout could signal growth.