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Stocktwits Chart Art: August 05, 2024
The best charts and trade ideas from the day.
Tom Bruni
August 05, 2024
STOCKTWITS CHART ART: AUGUST 05, 2024
The Stocktwits Summary 📝
Japan was today’s talk of the town, but not for their Olympic prowess. Instead, the Bank of Japan’s tightening cycle has caused a major unwind in a crowded Yen “carry trade,” and its impact has spread across global markets. Let’s see what opportunities traders are eying in this environment. 😵💫
Here’s how the major indexes ended the day:
Index | ST Sentiment Score | ST Message Volume |
|---|---|---|
$SPY (-2.91%) | Bearish (30) | Extremely High (81) |
$QQQ (-2.98%) | Neutral (51) | Extremely High (79) |
$IWM (-3.22%) | Bearish (39) | Normal (53) |
$DIA (-2.60%) | Bearish (25) | Extremely High (77) |
*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
A Place To Buy Buying, Not Selling 🛒
Traders and investors alike have waited quarters for the small-cap Russell 2000 to break out above its range and stop underperforming its large-cap peers. The good news is that it did recently, but the selloff from last week has cast doubt on its validity. ⚠️
That said, Stocktwits user @FlynancialAnalyst was among the bulls who pointed out that this pullback has brought prices to a logical “potential” support level. As a result, he’s looking to buy at current levels, not sell.
We’ll see if it pays off for the bulls who are betting on the classic “former resistance turning into support” tenet of technical analysis holding true. 😬
Another Noteworthy Level In A Major Index 👀
A Good Spot To Accumulate $HOOD? 🤔
