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Stocktwits Chart Art: April 09, 2024

The best charts and trade ideas from the day.

Author

Tom Bruni
April 09, 2024

STOCKTWITS CHART ART: APRIL 09, 2024
The Stocktwits Summary 📝

It was another mixed session, with bears taking control early but losing their edge into the close. All eyes are on tomorrow’s CPI print and FOMC Minutes. 😬

Here’s how the major indexes ended the day:

Index

ST Sentiment Score

ST Message Volume

$SPY (+0.12%)

Bearish (44)

Normal (54)

$QQQ (+0.37%)

Bearish (41)

Normal (54)

$IWM (+0.39%)

Bearish (41)

Normal (47)

$DIA (-0.07%)

Neutral (53)

Normal (54)

*The ST Sentiment Score & Message Volume scales range from 0 to 100 (extremely bearish to extremely bullish). More info here.

And here were Stocktwits’ top Trending symbols:

CHART OF THE DAY
Nasdaq 100 Settles Into Its 50-Day Moving Average 👀

After a hot 2023 and start to the year, the tech-heavy Nasdaq 100 hasn’t gone anywhere for the last 2 months…and people have noticed.

Now, the question being asked is whether this consolidation phase is a buying opportunity or if the relative weakness is a sign of a downside break ahead.

@HCPG is one of the traders posing that question, sharing what they call a “do or die” area in the index where several levels of importance collide. ⚠️

Many expect this week’s inflation data to force a resolution in this choppy price action. We’ll have to wait and see if they’re right. 🤷

@HCPG | Pro | Technicals/Momentum | Equities

We've been at these levels since Feb, but now the 50sma has caught up. Pivotal area/do or die as 50sma held again this morning. $QQQ

Are The $QQQs In A Distribution Phase? 🤔

@bradley_b | Intermediate | Technicals/Vol | Options

$QQQ $SPY *Wyckoff Distribution Update* This is probably the most detailed comparison I have made for QQQ to the schematic. It doesn't completely follow it 100%, but it is extremely close. We are getting very close to the end of Phase C. @FTV @SwingTradeToronto

Alphabet Ascends To New All-Time Highs 📈

2kaykim | Pro | Technicals | Equities/Options/Crypto

$GOOGL (weekly bars) continues to march higher with new ATH today.

Apple Presses On Long-Term Support (Again) 🧐

@wkalunji | Pro | Technicals | Equities/Options

$AAPL Still hanging in there but I would like to see it get above the 9 day moving average on the daily chart. Might be best to wait for the weekly close.

Lithium Producers Play Catch-Up With Miners 🔋

@ATMcharts | Pro | Technicals/Swing | Equities/Options

Bought some $PLL for a short squeeze. It's pushing through the 50 day.

A Biotech Stock Setting Up For A Major Resolution 💉

@Dr_Stoxx | Pro | Technicals/Momentum | Equities/Options/Futures

Most biotech plays are slumping near 52wk lows. $ASND is banging up on all time highs within a 2-month tight base.

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