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Stocktwits Chart Art: May 03, 2024
The best charts and trade ideas from the day.
Tom Bruni
May 03, 2024
STOCKTWITS CHART ART: MAY 03, 2024
The Stocktwits Summary 📝
Apple and the rest of the tech sector soared today, pulling the rest of the market higher with it and closing the major indexes in the green for the second straight week. Meanwhile, weaker employment data also helped buoy bonds and renew 2024 rate-cut hopes. 🦾
Here’s how the major indexes ended the day:
Index | ST Sentiment Score | ST Message Volume |
|---|---|---|
$SPY (+1.24%) | Neutral (47) | Normal (54) |
$QQQ (+2.01%) | Bearish (41) | Normal (54) |
$IWM (+0.98%) | Extremely Bullish (77) | High (56) |
$DIA (+1.17%) | Bullish (58) | Normal (50) |
*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
Mid-Term Moving Average Improves May Outlook 👍
Sometimes the simplest methods of trend following are often the best at keeping people’s eyes on the bigger picture. And that certainly seems to be the case for Stocktwits user Kay Kim, whose mid-term moving average and momentum indicator are both pointing to higher prices ahead. 📈
His chart below shows the previous periods where the S&P 500 reclaimed this moving average and saw momentum move back into positive territory, sparking material rallies as long as those conditions remained intact.
Kay’s commentary suggests that if the S&P 500 can hold today’s gap up and follow through, then the path of least resistance is higher. With Stocktwits community sentiment sitting in neutral territory, it seems not everyone is on board with that assessment. So we’ll have to wait and see who’s right. 🤷
Tesla’s Failed Breakdown May Have Gotten It Back On Track 🔋
Post-Earnings Gap Fill Presents Buying Opportunity 🛒
Bulls Hope Trendline Will Give Novo Nordisk A Shot Of Life 💉
Dollar/Yen Pair Retests Major Breakout Level 💱
First Solar Shines As Solar Stocks Rebound 🌞
Money Is Rotating Back Into Regional Banks 💸
Aerospace & Defense Stocks Remain On The Offensive 🤺
Social Media Stocks Are Going Viral Again 🤩
Shake Shack Looks Ready To Shake & Bake 🍔
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