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Stocktwits Chart Art: June 20, 2024
The best charts and trade ideas from the day.
Tom Bruni
June 20, 2024
STOCKTWITS CHART ART: JUNE 20, 2024
The Stocktwits Summary 📝
Nvidia giveth, and Nvidia taketh away. The world’s most valuable stock pulled the broader market lower throughout the day as the S&P 500 snapped its seven-day win streak. Notably, Stocktwits sentiment for all the major indexes closed in bearish or extremely bearish territory. 🙃
Here’s how the major indexes ended the day:
Index | ST Sentiment Score | ST Message Volume |
|---|---|---|
$SPY (-0.27%) | Bearish (40) | High (57) |
$QQQ (-0.77%) | Extremely Bearish (21) | High (59) |
$IWM (-0.42%) | Bearish (38) | Normal (49) |
$DIA (+0.75%) | Bearish (35) | Normal (54) |
*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 And Nasdaq 100 Trade In Lockstep 🤝
Those owning the Nasdaq 100 and other indexes for diversified exposure to the market haven’t gotten what they’ve paid for this year. Instead, the largest stocks have pushed the indexes higher, leaving markets at risk if/when they turn. 🏋️
Stocktwits user @Forklift5909 pointed that risk out today, showing an analog chart of Nvidia and the Nasdaq 100 ETF $QQQ, which have been trading in lockstep for most of the year.
While he didn’t say it explicitly, the implication is that as both assets test their steep uptrend lines, a breakdown would certainly dampen some of the market’s short-term momentum. ⚠️
Semiconductor ETF Set To Repeat Its Decline? 😨
Volatility Index Looks To Violate Downtrend Line 😬
