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Stocktwits Chart Art: April 16, 2024

The best charts and trade ideas from the day.

Author

Tom Bruni
April 16, 2024

STOCKTWITS CHART ART: APRIL 16, 2024
The Stocktwits Summary 📝

The number of new lows in the market continued to expand as Powell’s hawkish comments put further pressure on risk assets. With that said, chip stocks and several others showed relative strength as buyers began to test the waters. 🦅

Here’s how the major indexes ended the day:

Index

ST Sentiment Score

ST Message Volume

$SPY (-0.18%)

Bearish (37)

High (63)

$QQQ (+0.01%)

Bullish (67)

High (58)

$IWM (-0.37%)

Bullish (69)

Neutral (54)

$DIA (+0.18%)

Bearish (44)

High (57)

*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
SMCI Sets Up For Another Semiconductor Surge 📈

While a large portion of the market has been under pressure throughout April, several areas continue to be well bid, suggesting they could lead to the upside once the broader market regains its footing. 👀

One of those areas is semiconductors, which are firmly in the green today despite weakness in the underlying market. Stocktwits user @Dr_Stoxx outlines the opportunity he’s taking advantage of in Super Micro Computer ($SMCI). 👇

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

$SMCI is tearing it up this afternoon and on verge of breaking out of a 6-week consolidation. Perfect @InvestorsBusinessDaily metrics, too. 1220 first target, 1500 second.

NYSE Composite & Other Indexes Retest Former Highs 🛡️

@Honeystocks | Pro | Top-Down | Equities/Crypto

If you're not paying attention to what the NYSE Composite does at these levels, I'd suggest it might be a good idea to start. Fed Chair Jerome Powell speaks at 1.15pm ET. $NYA $SPY $SPX $QQQ $IWM

Market Enters A Higher Volatility Regime 🫨

@ChristopherBrecher | Pro | Technicals | Equities/Options/Futures

$vix Like posted last week, the 200 SMA in the VIX turned up for the first time in 2 years That is a BIG warning sign for the SPX longer term.

PayPal Remains Under Pressure 💳

@SharePlanner | Pro | Technicals | Equities/Futures

$PYPL potential for a massive breakout almost came about, but instead rolled over to the downside creating a new lower-low in the short-term.

Danaher Spinoff Veralto Vaults To All-Time Highs 🤩

@ivanhoff | Pro | Technicals | Equities/Options

New all-time highs for a recent IPO, VLTO - this is not a small company that is growing fast but a new high during market pullback is notable.

Novo Nordisk Remains Healthy As Broader Market Falls 💉

@Nikotes | Intermediate | Growth | Equities

$NVO Flagging for the next 🧠 wave?

A Bitcoin Chart You “Halv” To See 🪙

@TRADING_TEMPLAR | Pro | Technicals | Equities/Crypto

$BTC.X Halving Chart.

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