Stocktwits Chart Art: 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:

*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? 🛒