Palantir Technologies Inc (NASDAQ:PLTR) shares are backing off on Wednesday as money rotates out of tech and into more defensive corners of the market.

The Nasdaq is off 0.37% and the S&P 500 is down 0.16%.

Palantir Technologies stock is facing resistance.

Why is PLTR stock trading lower?

Technical Picture: Trading Below All The Big Trend Lines Palantir is still stuck in a downside grind.