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Stocktwits Chart Art: April 17, 2024

The best charts and trade ideas from the day.

Author

Tom Bruni
April 17, 2024

STOCKTWITS CHART ART: APRIL 17, 2024
The Stocktwits Summary 📝

Earnings continue to drive the action now that we’re all on the same page that rate cuts aren’t coming anytime soon. U.S. stocks remained under pressure today, with ASML’s lackluster first-quarter results dragging chip stocks lower. 👎

Here’s how the major indexes ended the day:

Index

ST Sentiment Score

ST Message Volume

$SPY (-0.59%)

Bearish (34)

High (58)

$QQQ (-1.22%)

Extremely Bullish (81)

High (56)

$IWM (-1.06%)

Neutral (50)

Neutral (51)

$DIA (-0.14%)

Extremely Bearish (23)

Neutral (53)

*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
Tech Stocks May Be Repeating Their 2022 Top 😨

The recent stock market weakness has traders and investors thinking about potential downside risks, relying on a variety of tools to measure market breadth, momentum, and overall trend.

Stocktwits user @KimbleCharting outlined his approach, sharing a look at the equally-weighted tech stocks ETF ($QQEW) that’s eerily similar to its 2022 top. His chart points out that prices are once again failing at the 261.8% extension of the COVID-19 crash. 🛑

Whether or not a 30% decline is on the menu this time around remains to be seen, but it’s certainly got several technicians’ guards up. ⚠️

@KimbleCharting | Pro | Technicals | Equities/Futures/Bonds

Tech Stocks Struggling At Double Top Fibonacci Resistance! $QQQ $SPY $QQEW

Dow Transports Flash Clear Warning Signal ⚠️

@allstarcharts | Pro | Top-Down | Multi-Asset

One has been going up and one has not. The Dow Jones Transportation Avg down another 1% today, hitting the lowest levels since November $TRAN $DJIA $IYT $DIA $SPY $SPX $QQQ

ASML Earnings Create Buying Opportunity 🛒

@Nikotes | Intermediate | Growth | Equities

$ASML Can see this testing previous ATH level and its w/ 20MA, and forming a huge C&H. Zoom out and check out how this historically rides its w/ 20MA up on 🐮 markets, and now, in the early innings of the AI revolution (allegedly).

Small-Cap Biotech Breakouts Continue With $BDTX 💊

@ACInvestorBlog | Pro | Technicals | Equities

$BDTX finally breaking out

Nike Carves Out A Bottom At Long-Term Support ✔️

@FlynancialAnalyst | Pro | Trend Following | Equities

$NKE triple bottom at longterm MA support and lower mthly BB should be a $WINA for $115B mc ...

Eli Lilly’s Bullish Consolidation Continues 🐂

@SharePlanner | Pro | Technicals | Equities/Futures

$LLY in a consolidation phase, would be ideal for it to spend another week or two inside it, before attempting a breakout.

Netflix Sets Up At Support Ahead Of Earnings 🍿

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

$NFLX looks great here despite the market

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