- Chart Art
- Posts
- Stocktwits Chart Art: August 23, 2024
Stocktwits Chart Art: August 23, 2024
The best charts and trade ideas from the day.
Tom Bruni
August 23, 2024
STOCKTWITS CHART ART: AUGUST 23, 2024
The Stocktwits Summary 📝
Jerome Powell, the destroyer of puts, delivered dovish remarks at Jackson Hole today, sending pretty much every asset besides the U.S. Dollar higher. Small-caps led the way as firms like regional banks benefit significantly from a lower-rate environment. 🤩
Here’s how the major indexes ended the day:
Index | ST Sentiment Score | ST Message Volume |
|---|---|---|
$SPY (+1.06%) | Bearish (35) | High (57) |
$QQQ (+1.08%) | Bearish (32) | High (57) |
$IWM (+3.19%) | Extremely Bullish (85) | High (63) |
$DIA (+1.07%) | Neutral (51) | High (58) |
*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
Rate-Cut Plays Soar Powell Preps His Scissors ✂️
With Powell confirming the Fed’s dovish pivot in his Jackson Hole, the rate-cut bets that have been rallying for the last three weeks went into overdrive. 🫨
Stocktwits user @ivanhoff pointed to regional banks and homebuilders leading the way, as the small-cap Russell 2000 soared.
This ties back to the theme we’ve been discussing since the yen-plosion, which is that the market’s primary concern is not a recession. If it were, these housing-linked industries would not be rallying so aggressively. 🤷
REIT Returns To Its Highs Amid Rate-Cut Run 📡
Redfin’s Reversal Looks All But Confirmed 😮
