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Stocktwits Chart Art: April 19, 2024

The best charts and trade ideas from the day.

Author

Tom Bruni
April 19, 2024

STOCKTWITS CHART ART: APRIL 19, 2024
The Stocktwits Summary 📝

The technology stock turmoil continued, with Nvidia falling 10% in a day for the first time since 2020. Despite that, money continues to rotate into other sectors of the market like financials, healthcare, and consumer staples. 📉

Here’s how the major indexes ended the day:

Index

ST Sentiment Score

ST Message Volume

$SPY (-0.87%)

Bearish (29)

High (72)

$QQQ (-2.07%)

Bearish (25)

High (68)

$IWM (+0.16%)

Bullish (71)

High (59)

$DIA (+0.57%)

Bearish (42)

High (71)

*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
Short-Term Market Breadth Deteriorates Further 📉

Trend following is one of the most prominent tenets of technical analysis, and one of the most common ways to identify trends is using a moving average. The most widely used timeframes on Wall Street include 20 days (short-term), 50 days (medium-term), and 200 days (long-term). 🧭

Some analysts take this one step further by applying this indicator to an entire list of index components to get a measure of the market’s “breadth,” or how the underlying stocks are performing relative to the index itself.

Stocktwits user @allstarcharts shows this in practice below, showing a spike in S&P 500 stocks that are below their 50-day moving average but still above their 200-day moving average.

This would suggest that the short—to medium-term trend has shifted lower for many stocks while their longer-term trend remains healthy…at least for now. 😬

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

Over 40% of the stocks in the S&P500 are above their 200 day moving average BUT ALSO below their 50 day moving average. This is the market we're in. You don't have to pretend that this year is like last year. It's not. We never saw this last year.

Nasdaq 100 Tests Support At Former Resistance 👀

@ACInvestorBlog | Pro | Technicals | Equities

$NDX the rain is about to stop.....

Semi Selloff Confirms Nvidia’s “Double Top” 😨

@SharePlanner | Pro | Technicals | Equities/Futures

Critical break on $NVDA confirming the double top and pushing the stock into an area where there's no support nearby.

Netflix Targets Its Gap In Post-Earnings Drop 🎯

@Professor | Pro | Technicals | Equities/Crypto

$NFLX #Netflix A decent sell off post earnings. Lost the trendline channel & also below all key moving averages. Support at $536, slipage under that to $480s.

Pullback Creates Buying Opportunity In Google 🛒

@OptionsSean | Pro | Growth | Equities/Options

I really like buying the "dip" here in $GOOGL:

T-Mobile U.S. Stays In Service As Others Go Offline 📲

@JFDI | Pro | Technicals/Growth | Equities

$TMUS stand out of the week.

Generac Generates Gains Despite Market Pullback ⚡

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

$GNRC: just added to @InvestorsBusinessDaily LeaderBoard service. It's been about the best performer in the S&P lately. EPS accelerating growth over past 3 Q's, too.

Bitcoin Miners Form A Bottom Ahead Of The Halving ₿

@Thelonius_Stonk | Pro | Technicals | Equities/Crypto

$WGMI good chance crypto miners bottomed this week off the weekly 50ma

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