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Stocktwits Chart Art: July 17, 2024
The best charts and trade ideas from the day.
Tom Bruni
July 17, 2024
STOCKTWITS CHART ART: JULY 17, 2024
The Stocktwits Summary 📝
The stock market’s sunny days encountered some clouds today as geopolitics, Trump comments, and ASML earnings weighed on the semiconductor sector. Defensive stocks had already been catching a bid recently but saw a further rise as investors looked to protect themselves from potential turbulence. 🌦️
Here’s how the major indexes ended the day:
Index | ST Sentiment Score | ST Message Volume |
|---|---|---|
$SPY (-1.40%) | Neutral (49) | High (66) |
$QQQ (-2.94%) | Bearish (36) | High (69) |
$IWM (-1.05%) | Bullish (56) | High (73) |
$DIA (+0.55%) | Neutral (48) | Extremely High (78) |
*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
Technicians Spot A Dreaded Divergence 🧐
After what can be described as nothing other than a record run, the S&P 500 is finally showing some signs of slowing down.
Stocktwits user @2kaykim shared what technical analysts call a momentum divergence, where prices made new highs, but momentum failed to follow suit. That, along with some initial downside to confirm the divergence, often signals a short-term trend reversal (especially after significant runs in either direction). 📝
And that is exactly what we’re seeing in the S&P 500, Nasdaq 100, Semiconductor Index, and many leading stocks. Does that mean a crash is coming…no. But it does put up a caution flag in a race that’s been running hot. ⚠️
Small-Caps Hit A Short-Term Wall 🫷
Will Buyers Emerge At Amazon’s Breakout Retest? 🛒
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