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Stocktwits Chart Art: April 22, 2024

The best charts and trade ideas from the day.

Author

Tom Bruni
April 22, 2024

STOCKTWITS CHART ART: APRIL 22, 2024
The Stocktwits Summary 📝

Prices in the major indexes improved today on the back of a tech rebound, but the volume and overall mood remained mellow. All eyes are turning to earnings as Tesla, Visa, UPS, and many more report tomorrow. 👀

Here’s how the major indexes ended the day:

Index

ST Sentiment Score

ST Message Volume

$SPY (+0.92%)

Neutral (45)

Normal (48)

$QQQ (+1.01%)

Bullish (69)

Normal (46)

$IWM (+1.12%)

Bullish (60)

Normal (48)

$DIA (+0.68%)

Bullish (74)

Normal (52)

*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
Momentum & Breadth Signal A Short-Term Bottom 🚨

Traders and investors continue to do a lot of breadth work these days as they look for signs that it’s safe to begin deploying capital on the long side of the market again. They’re also probably doing some breathwork to stay calm, too, but we don’t have much to say on that front. 😂

Anyway…as we highlighted with several charts last week, of the most basic measures of breadth involve looking at the number of stocks above their 20-day (short-term) and 50-day (medium-term) moving averages.

Today, Stocktwits user @HostileCharts noted that the number of stocks in the Nasdaq 100 above those averages is at a significant low where the index has managed to rebound from previously. Whether or not history repeats itself remains to be seen, but it definitely has traders’ attention. 👀

@HostileCharts | Pro | Technicals/Top-Down | Equities

$QQQ - A small brain model using momentum / breadth and price. Green area has marked some decent buy signals.

Tesla Teeters On Support Ahead Of Earnings 😬

@SharePlanner | Pro | Technicals | Equities/Futures

Huge test for $TSLA as it tests, in the pre-market, critical support. Possible bounce area for the stock, but never assume it will bounce. Wait for confirmation.

Bitcoin Miners Make A Run For It ⚒️

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

$RIOT +23% after the major trap ISLAND BOTTOM REVERSAL

Rough Seas Make Traders Hesitant To Buy Breakouts 😰

@ivanhoff | Pro | Technicals | Equities/Options

$SE relative strength continues to improve but in general it is not a good idea to chase breakouts in weak tapes.

Another Semi Stock Revisits Former Resistance 🛒

@Nikotes | Intermediate | Growth | Equities

$MPWR If I wanted to add an under-the-radar semi 🧠 play, this would be it. Already overweighed semis but on watch 👀

Buyers Look To Feast On Cava’s Breakout Retest 🥗

@evanmedeiros | Pro | Technical/Systematic | Equities

CAVA coming back down to the scene of the crime and retesting its initial IPO highs from July of 2023. Holding above, let's call it $57 on a weekly closing basis, and I think the bulls can stay happy and maintain control of the longer-term uptrend.

Holy Ship, This Chart Looks Set To Cruise Higher 🚢

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

It's pretty cool how the perfect cup and handle formation on this daily chart of $GSL is outlined perfectly by the 20 day moving average. I sketched it in thicker just below the actual 20DMA for clarity.

Defense Stocks Flex Their Relative Strength 💪

@lcc007 | Pro | Technicals/Momentum | Equities/Options

$GD strong defense play second to $RTX ytd

$WEAT Adds To Inflation Beat Concerns 🥵

@chessNwine | Pro | Technicals | Equities/Options/Bonds

$WEAT Daily. Wheat Fund. It's certainly true that the $DBA ETF for soft commodities has been surging largely due to cocoa and not all softs. However, if wheat (and corn, soybeans) are just now waking up, inflation becomes all the more menacing

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