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Stocktwits Chart Art: May 06, 2024

The best charts and trade ideas from the day.

Author

Tom Bruni
May 06, 2024

STOCKTWITS CHART ART: MAY 06, 2024
The Stocktwits Summary 📝

The market closed on a positive note today with semis & tech stocks leading the rest of the market higher. As more blockbuster earnings drop this week, headlined by: $DIS, $ARM, and $SHOP, we’ll see if this recent strength can take us towards new highs. 👀

Index

ST Sentiment Score

ST Message Volume

$SPY (+1.03%)

Bearish (30)

Normal (48)

$QQQ (+1.09%)

Neutral (48)

Normal (47)

$IWM (+1.26%)

Extremely Bullish (77)

Normal (46)

$DIA (+0.43%)

Neutral (51)

Normal (45)

*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
Mastercard “Head & Shoulders” Reversal Sparks Spending Fears 😨

With rate concerns and geopolitical factors still in play traders are patiently watching the market to see which way we break.

Chris is outlining a simple playbook in his post explaining that if markets continue to appear fine, he believes that more speculative sectors like Biotechs will outperform. However, if there’s weakness in the system than consumer spending stocks like MasterCard may be the first to go.

@ChristopherBrecher | Pro | Technicals | Equities/Options/Futures

$MA My theory is that if bonds stabilize, then XBI will outperform. If the economy shows signs of weakening it will help bonds, but hurt stocks like MA.

It’s the Year of the Dragon … and the Bull too?! 🐉 

@Professor | Pro | Technicals | Equities/Crypto

$PDD #China Theme hot.. Weekly chart is YET to breakout- Big move comes once we clear this downtrendline Daily chart: 200sma held & price now held the 50sma pullback on May 1st.

Trend Reversal Time for $TSLA? ⚡

@gpaisa | Pro | Technicals | Equities/Options

Yuge mid trend line for $TSLA.

Line in the Sand Moment for the S&P 500 🛳️

@TheProphetOfProfit | Pro | Technicals | Equities/Options

$SPY has reached $515.20s-$516.60s resistance level. A break above this level and $518-$519 is coming. A break below this level and we’ll find ourselves back at the $512s level. In my opinion if you’re in a position on either side of the tape, you’re essentially gambling cuz this can really move either way now.

Semis are Breaking Out Again 📈

@Dr_Stoxx | Pro | Technicals/Momentum | Equities/Options/Futures

$SOXL breakout today. We're long...new position

Bitcoin Miners Find New Consolidation Levels ⛏️

@cryptocantoncat | Pro | Technicals | Equities/Crypto

$MARA Found support at rising 50w SMA Getting some resistance today at the 20w SMA though... May chop here for a little while

Google has Potential Room to Run 🏃‍♂️

@ivanhoff | Pro | Technicals/Momentum | Equities/Options

$GOOGL continues to trade in a tight range. Its VWAP since its latest earnings gap is currently around 167.50. A breakout above 168.50 could lead to a push towards 170-175.

Who Doesn’t Want to Bet on Robots? 🤖

@FlynancialAnalyst | Pro | Trend Following | Equities

$SYM $100+ comes quickly, triple inside on the quarterly is a ton of dry powder

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