Stock Market Slides Into The Close; Iqvia Setting Up, SM Energy Fizzles, Palantir Still Looks Weak | Summary and Q&A

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May 18, 2021
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Investor's Business Daily
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Stock Market Slides Into The Close; Iqvia Setting Up, SM Energy Fizzles, Palantir Still Looks Weak

TL;DR

The stock market had a quiet day with some interesting setups and lessons. IQVIA is showing attractive technical action while SM Energy's breakout failed, and Palantir remains weak despite recent gains.

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Questions & Answers

Q: What were the major indexes' performance in the trading session?

The S&P 500, Dow, and Nasdaq all closed down, with the Nasdaq showing weakness below its 50-day line.

Q: What is the current technical action of IQVIA?

IQVIA is showing strong technical action, consolidating tightly and with a relative strength line at highs. This indicates a stock that is not losing ground and is worth considering for potential buying opportunities.

Q: Why did SM Energy's breakout fizzle?

SM Energy surged on no news, and other energy stocks were not moving. In addition, breakouts in the current market environment are not performing well, making it difficult for SM Energy's breakout to sustain momentum.

Q: Is Palantir a good investment option at the moment?

Palantir is still below its 50-day line and has not shown signs of a recovery. It may take months for the stock to rebound, and the odds are not in favor of investors in this situation.

Summary & Key Takeaways

  • The S&P 500, Dow, and Nasdaq all closed down, with the Nasdaq showing weakness below its 50-day line.

  • IQVIA is a stock with strong technical action, consolidating tightly and showing accelerating growth. If it breaks out of its current pattern, it could be a buying opportunity.

  • SM Energy's breakout fizzled, with the stock surging on no news and eventually coming down. Breakouts in the current market environment are not performing well.

  • Palantir, despite a recent IPO and a compelling story, is still below its 50-day line and has not shown signs of a recovery. It may take months for the stock to rebound.

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