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Stocktwits Chart Art: May 02, 2024
The best charts and trade ideas from the day.
Tom Bruni
May 02, 2024
STOCKTWITS CHART ART: MAY 02, 2024
The Stocktwits Summary 📝
Stocks rebounded today on the back of tech, communications, and consumer discretionary. With Apple’s earnings delivered after the bell, traders are watching to see if the momentum can help the major indexes break out of their recent range. 👀
Here’s how the major indexes ended the day:
Index | ST Sentiment Score | ST Message Volume |
|---|---|---|
$SPY (+0.93%) | Bearish (36) | High (57) |
$QQQ (+1.28%) | Neutral (49) | High (59) |
$IWM (+1.88%) | Bearish (39) | High (65) |
$DIA (+0.89%) | Bullish (67) | High (56) |
*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
Crazy Carvana Chart Reminds Us Timeframes Matter 🤯
The online car retailer cruised to new cycle highs following its better-than-expected earnings report, with its gains since 2023 outpacing Nvidia, Super Micro Computer, and other high-flying artificial intelligence (AI) plays. 📊
The chart below from Stocktwits user @ivanhoff reminds us that assets always trade in cycles or “seasons.” And despite Carvana nearly going to zero in the post-pandemic world, the business stabilized and helped the stock rebound as stubborn shorts and unbelieving longs continued to bet against it.
It just goes to show that even if a stock’s story doesn’t fit your particular trading/investing style or timeframe, chances are it matches somebody’s preference. How long it will last remains to be seen, but for now, Carvana bulls continue to clean up. 🤑
Bigger Remains Better Amid Market-Cap Segments 🏋️♂️
Microsoft’s Pullback Looks Buyable, Even If It Falls Further 🛒
Alibaba’s Breakout Breaks China Bears’ Spirit 😩
Futu Holdings Breaks Out As China Rally Expands 📈
Paramount Media Is Putting On A Show 📺
Natural Gas Notches Another Sizeable Daily Gain 🔥
Earnings Will Determine If This Stock Is Toast 😬
Is Gorilla Tech About To Go Apeshit? 🦍
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