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Stocktwits Chart Art: April 23, 2024

The best charts and trade ideas from the day.

Author

Tom Bruni
April 23, 2024

STOCKTWITS CHART ART: APRIL 23, 2024
The Stocktwits Summary 📝

U.S. and global stocks continued to rebound, with tech stocks leading the charge higher. Earnings were mixed, but the broader improvement in market breadth was enough to keep the bulls going. 🤖

Here’s how the major indexes ended the day:

Index

ST Sentiment Score

ST Message Volume

$SPY (+1.19%)

Bullish (64)

Normal (47)

$QQQ (+1.49%)

Bullish (72)

Normal (48)

$IWM (+1.67%)

Bullish (73)

Normal (52)

$DIA (+0.69%)

Bullish (65)

Normal (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
Oil Sets Its Sights On New Highs 🛢️

All eyes are on the oil market again as buyers step in to buy the dip. Stocktwits user @chessNwine suggests that crude oil’s price action looks better than many technology stocks right now. 👀

With inflation remaining a key concern for the market, a vehicle like the crude oil ETF ($USO) is popular among traders to express their view that inflation and interest rates are likely to stay high.

Whether or not they’ll be right remains to be seen. But in the short-term, the chart continues to build out the right side of its one-year base, which many suggest will lead to much higher prices in the mid to long-term. 📈

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

$USO Daily. Oil has a better daily chart look than most tech do right now, yet sentiment is flipped with many calling tops to commodities and bottoms in tech. This looks like a buyable dip in a multi-month uptrend.

Blue Bird Takes Flight Towards All-Time Highs 📈

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

$BLBD: I have my TREND TRADE LETTER members in this truck/RV maker with a 99 Comp, massive growth, and a pullback-breakout chart.

Novo Nordisk Breaks Out Again 💊

@Nikotes | Intermediate | Growth | equities

$NVO 👀

A Fresh Breakout In Sprouts Farmers Market 🐂

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

$SFM - Squeeze time for Sprouts? Still has ~ 15% short interest.

Buyers Seize The Pullback Opportunity In Celsius 🧃

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

$CELH resistance is now support, and price bounces here.

Software Stock Samsara Surges From Support 👀

@FlynancialAnalyst | Pro | Trend Following | Equities

$IOT $7.05B mc $IGV leader rotating up on volume off key $30 pivot and rising 40 wk SMA following a low volume rinse into said level... wants ATHs !

Bitcoin Breaks Out Of Bull Flag ₿

@SCNC | Pro | Technicals | Crypto/Equities

$BTC.X breakout.

Corn Could Pop Higher Above $470 🌽

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

You should consider adding Corn Futures to your watchlists for a buy low : sell high opportunity. A move above $470 would confirm a tradeable bottom signal. $ZC_F $DBA $DBC

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