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- Stocktwits Chart Art: July 24, 2024
Stocktwits Chart Art: July 24, 2024
The best charts and trade ideas from the day.
Tom Bruni
July 24, 2024
STOCKTWITS CHART ART: JULY 24, 2024
The Stocktwits Summary 📝
Disappointing results from big tech and rate cut comments from Bill Dudley gave the bears the necessary backing to mount a full-court press against stocks. The selloff ended the S&P 500’s 356-day streak without a 2% daily loss and was the worst for the major indexes since Q4 2022. 😭
Here’s how the major indexes ended the day:
Index | ST Sentiment Score | ST Message Volume |
|---|---|---|
$SPY (-2.27%) | Neutral (50) | High (65) |
$QQQ (-3.59%) | Extremely Bearish (19) | High (70) |
$IWM (-2.15%) | Bearish (44) | Normal (54) |
$DIA (-1.20%) | Bearish (43) | Normal (48) |
*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
Nvidia & Other Market Leaders Test Uptrend Line 😰
Trendlines are a common tool used by technical analysts and market participants alike to quantify which direction a stock is moving. The slope of the trendline lets us know how aggressive buyers/sellers have been, and the trendline itself serves as a visual indication of the levels at which buyers/sellers reemerge. 🫰
The reason they’re relevant right now is because a heck of a lot of stocks are testing their uptrend lines after the recent selloff, many of which have been intact since the beginning of 2024 or earlier.
Stocktwits user @ACInvestorBlog pointed to Nvidia leaning heavily on its uptrend line, with many saying the stock’s reaction to this level will determine if this is a buyable dip or the start of a much larger decline. 😬
Eli Lilly Threatens To Lose An 18-Month Trendline 😬
Amazon Is Another Tech Giant Testing Support 🫣
