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Stocktwits Chart Art: May 08, 2024

The best charts and trade ideas from the day.

Author

Tom Bruni
May 08, 2024

STOCKTWITS CHART ART: MAY 08, 2024
The Stocktwits Summary 📝

It was an uneventful day for the broad market indices with incredibly low volume across the board. Utilities were the best performing sector today with industrials and financials just behind.

Here’s how the major indexes ended the day:

Index

ST Sentiment Score

ST Message Volume

$SPY (+0.01%)

Bearish (31)

Normal (52)

$QQQ (-0.06%)

Neutral (46)

Normal (52)

$IWM (-0.58%)

Bearish (28)

Normal (49)

$DIA (+0.45%)

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
To Fill or Not to Fill, that is THE Question 🤔

It has been a complete sleeper of a session this week giving way to possible weakness emerging from tech. With gaps lower to fill and seeming lack of enthusiasm following big tech results, it’s starting to feel like the animal spirits may push us lower.

@johnkicklighter | Pro | Macro | Options/Futures/Forex

It's getting breezy in the Nasdaq 100. I think people are starting to become a little more aware of those gaps ('windows) on the $NDQ's swing higher this past week. Lack of lasting traction after MSFT and AAPL earnings beats more tangible. Just waiting for $NVDA (May 22)?

Will Pfizer Stock Pass its Trial? 💉

@lextrading | Pro | Technicals | Equities/Options

$PFE The 50-moving average is the pivot to break out of. Lots of bull traps around it. Short-term resistance at ~$28.4X

PayPal Falling Back to Support 💪

@TheProphetOfProfit | Pro | Technicals | Equities/Options

$PYPL Not the May bulls envisioned so far. Nearing downtrend support, should see a nice little bounce to end the week here after today.

Scotts Miracle-Gro Hoping for a Miraculous Breakout 🚜

@FlynancialAnalyst | Pro | Trend Following | Equities

$SMG $3.79B mc Ag. inputs name showing good R/R against key $60 pivot and now-rising 10/20 mth SMAs following a nasty bear mkt into longterm trendline. Back-to-back accumulation months for Feb / March Shares are 77.75% institutionally owned, rapidly rising from 63.73% this time 2 years ago. Remaining shares are insider owned. 10.66% short float

Financial Stocks Showing Signs of Strength 🏦

@EveryTimeICash | Pro | Technicals | Equities/Options

Only trade we took today is $JPM long Looks like potentially the beginning of a move

Emerging Markets Finally Emerging from Their Slump 💹

@Honeystocks | Pro | Top-Down Technicals | Equities/Crypto

$EEM Emerging Markets are potentially setting up for a break out of a 15 month base. With China already putting in a tradeable bottom months ago, are we setting up for a more meaningful move? Weightings highlighted in the background of the chart. $KWEB $INDA $MCHI $FXI

Levels to Watch Before You Shop for $SHOP 🛍️

@SharePlanner | Pro | Technicals | Equities/Futures

$SHOP filling a gap from November, but where it gets much more interesting from a trading standpoint is if it makes its way down to this $58 level and starts to bounce.

Dell Stock Tests Major Resistance Levels 👀

@Ro_Patel | Pro | Top-Down Technicals | Equities

$DELL break-out or pull back??

Cup and Handle Breakout Potentially Forming on $AFRM 🫖

@lcc007 | Pro | Technicals/Momentum | Equities/Options

$AFRM Cup and handle view. That handle is getting long....so it needs to resolve quickly. These patterns tend to get invalidated the longer the handle forms. Weekly holding the trendline for now.

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