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Stocktwits Chart Art: August 21, 2024
The best charts and trade ideas from the day.
Tom Bruni
August 21, 2024
STOCKTWITS CHART ART: AUGUST 21, 2024
The Stocktwits Summary 📝
U.S. stocks got their groove back following positive earnings results and dovish FOMC Minutes. Biotech is the latest sector to benefit from the rotation, with Bitcoin and crypto trying to resolve its recent consolidation. 🕊️
Here’s how the major indexes ended the day:
Index | ST Sentiment Score | ST Message Volume |
|---|---|---|
$SPY (+0.34%) | Bearish (34) | High (55) |
$QQQ (+0.47%) | Bearish (42) | Normal (51) |
$IWM (+1.30%) | Bullish (72) | Normal (49) |
$DIA (+0.11%) | Bullish (67) | Normal (47) |
*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
Biotech Set To Surge After Breakout Retest 💉
With the major indexes back near all-time highs and different sectors moving, traders continue to look for fresh breakouts that have room to run. 🔍
Stocktwits user @HoneyStocks pointed to the biotech sector successfully retesting its breakout area, noting that the next major resistance level could be as high as the sector’s 2021 peak.
After lagging for the last few years, rotation into this more “risk-on” sector shows continued risk appetite among investors and traders. 💊
3x Leveraged Biotech Bull ETF Back In The Game 🫨
$RARE Breaks Out To 2-Year Highs 📈
