• Chart Art
  • Posts
  • Stocktwits Chart Art: April 30, 2024

Stocktwits Chart Art: April 30, 2024

The best charts and trade ideas from the day.

Author

Tom Bruni
April 30, 2024

STOCKTWITS CHART ART: APRIL 30, 2024
The Stocktwits Summary 📝

It was a rough day in the market, with investors and traders selling most asset classes following hotter-than-expected wage growth and housing market data. Inflation concerns continue to weigh on the market, with Amazon’s earnings after the bell unable to bail the bulls out. 😩

Here’s how the major indexes ended the day:

Index

ST Sentiment Score

ST Message Volume

$SPY (-1.57%)

Bearish (42)

Normal (49)

$QQQ (-1.90%)

Neutral (49)

Normal (47)

$IWM (-2.06%)

Bullish (73)

Normal (49)

$DIA (-1.48%)

Neutral (50)

Low (42)

*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
Chart Begs The Question, “Is This Time Different?” 🤔

With the stock market experiencing an uptick in short-term volatility, it’s easy to get caught up in the daily noise. That’s why market participants often use multi-timeframe analysis to inform their views and portfolio decisions. ⌚

Stocktwits user Tyler Richey, CMT shared a monthly chart of the S&P 500 that compares current conditions to those preceding the tech bubble and the great financial crisis. His commentary explains why it may be best to seek capital preservation over growth through 2024 and 2025. ⚠️

@Tyler_Richey_CMT | Pro | Technicals/Macro | Equities/Options/Futures

The Four Most Dangerous Words In Investing Are "It's Different This Time." - Sir John Templeton We continue to hear less about the yield curve and more about AI-technology and upwardly revised year-end targets for the S&P 500 from the financial media. But it is important to maintain long-term, cyclical perspective on markets right now. Between the deep and prolonged inversion of the yield curve and the deteriorating long-term price action in the S&P 500, capital preservation should be viewed as an increasingly important investment objective for 2024-2025.

Risk-On Measures Charge Ahead Amid Market Pullback 🔺

@JottingOnCharts | Pro | Top-Down Technicals | Multi-Asset

My Risk-On / Risk-Off Ratio is breaking out higher to fresh all-time highs! $SPY $SPX #stocks

Eli Lilly’s Stock Beefs Up As Customers Slim Down 💊

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

$LLY Clean chart and positive earnings. Eli Lilly shares are trading higher after the company raised its FY24 revenue guidance. - EPS of $2.58 beating expectations of $2.49 - Revenue of $8.8B missing expectations of $8.9B - Raised its fiscal year revenue guide to between $42.4B-$43.6B up from between $40.4B-$41.6B

BioRobotics Shares Buck The Broader Market’s Trend 🤖

@evanmedeiros | Pro | Technicals/Systematic | Equities

Bit more under-the-radar name $PRCT trading in a world of its own ignoring broad market and consolidating under all-time highs. Strong marks on @InvestorsBusinessDaily Leaderboard charts seen here and part of our own TR150 Watchlist. No position at this time, but on breakout watch.

Constellation Energy Consolidates At All-Time Highs 🛢️

@JFDI | Pro | Technicals/Growth | Equities

$CEG High & Tight. RS rating @ 97

Bears Try To Negate The Bulls’ Energy Breakout 🗡️

@gpaisa | Intermediate | Technicals | Equities/Options

$XLE break of Nov 2022 highs and this can accelerate further.

Coinbase Loses A Major Support Level 😱

@Professor | Pro | Technicals | Equities/Crypto

$COIN #Coinbase Losing this support results in deeper pullback. Into $180s eventually. Just my thought,

Bitcoin ETF Buyers Remain In The Red 💔

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

The US based #Bitcoin ETFs started trading on January 11 of this year the VWAP from inception of those funds (using $IBIT as a proxy) is 35.74 The much hyped halving occurred on 4/20, the VWAP of IBIT since that occurred is 36.70 takeaway The average US BTC ETF holder is losing money The average buyer for the "halving acceleration" is losing money near term trend remains lower, don't shoot the messenger

Pot Stocks/ETFs Perk Up Amid Reclassification News 🥦

@FlynancialAnalyst | Pro | Trend Following | Equities

$MSOS Look at that monthly!

Get In Touch 📬

Follow our social channels for great, real-time content on Stocktwits and Twitter. And check out our YouTube channel for in-depth video content! 📲

Email me (Tom Bruni) your feedback; I’d love to hear from you. 📧

Want to sponsor this newsletter and reach thousands of chart enthusiasts? Reach us here. 👍

Disclaimer: Content, news, research, tools, and securities symbols are for educational and illustrative purposes only and do not imply a recommendation or solicitation to buy or sell a particular security or to engage in any particular investment strategy. Read the full terms & conditions here. 🔍