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- Stocktwits Chart Art: August 06, 2024
Stocktwits Chart Art: August 06, 2024
The best charts and trade ideas from the day.
Tom Bruni
August 06, 2024
STOCKTWITS CHART ART: AUGUST 06, 2024
The Stocktwits Summary 📝
Global markets stabilized overnight and closed nicely in the green despite some late-day selling. Economic data is light this week, so although macro worries remain, investors are turning their attention to company earnings. 🔍
Here’s how the major indexes ended the day:
Index | ST Sentiment Score | ST Message Volume |
|---|---|---|
$SPY (+0.92%) | Bearish (43) | High (63) |
$QQQ (+0.96%) | Bullish (62) | High (58) |
$IWM (+1.09%) | Neutral (53) | Normal (50) |
$DIA (+0.81%) | Bearish (32) | High (63) |
*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
Buyers Emerge At Confluence Of Support 😰
The Russell 3000 is one of the broadest measures of the U.S. stock market because it encompasses 98% of investible U.S. equities. As a result, it’s often used by investors to manage their ‘big picture’ view of U.S. stocks. 👀
Stocktwits user @Honeystocks shared a chart today that puts that index into perspective. As it shows, prices are stabilizing above their 40-week moving average (essentially the same as the popular 200-day moving average) and the index's 2021 highs, which served as support in April.
His point is that risk management against this level is clear and that if U.S. stocks are above this level, the environment is still more bullish than bearish. 🐂
Nasdaq 100 ETF Finds Its Footing 😬
Broadcom’s Failed Breakdown Offers Bulls Entry 🧐
