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Stocktwits Chart Art: May 09, 2024

The best charts and trade ideas from the day.

Author

Tom Bruni
May 09, 2024

STOCKTWITS CHART ART: MAY 09, 2024
The Stocktwits Summary đź“ť

It was another light day of market volume but at least we got to see the DOW put in a rare 7th green day in a row. Real estate and metals were the big winners on the day with tech still lagging behind.

Here’s how the major indexes ended the day:

Index

ST Sentiment Score

ST Message Volume

$SPY (+0.58%)

Bearish (39)

High (55)

$QQQ (+0.22%)

Bullish (57)

Normal (53)

$IWM (+1.02%)

Bearish (38)

High (55)

$DIA (+0.90%)

Neutral (52)

High (62)

*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
Overbought Signals on S&P Give Traders Pause ⏸️

Indices have been giving us mostly sideways action this week as price slowly climbs back towards previous resistance levels. Even though markets are still in an uptrend, it may make sense to take some profit until the index gives us an “all clear” signal that traders are still watching out for.

@Forklift5909 | Pro | Techincals | Equities/Options

$SPY We didn't get a big pullback, just mostly sideways consolidation at the $516 level allowing the 1 hour RSI to cool off, then bounced higher once there was more room to run.

We're reaching resistance and overbought areas again. This signal doesn't mean short (we're still in an uptrend). It means take profit and/or wait to open more upside trades after RSI cools off again.

Gold Looks Ready For Another Run… 🪙

@cfromhertz | Pro | Techincals | Equities/Futures

$GLD the #bullish 80% rule has been triggered #Gold

And Silver Doesn’t Want to be Left Out Either ✨

@chessNwine | Pro | Techincals | Equities/Options/Bonds

$SILJ Daily. Silver metals and, here, the high beta junior silver miners are leading this move in commodities. Typically, that is a healthy sign of strong risk appetite given how volatile silver can be--Willingness to take on more risk than just gold bullion

An Old FinTwit Darling is Starting to Attract Again đź‘€

@jjmstocks1 | Pro | Techincals | Equities/Options

$SE +74% YTD .. nice engulfing candle to finish the session .. former 2020 fintwit darling has earnings coming up ..

Can Carvana Really Reach the Next Level? đźš—

@gpaisa | Pro | Techincals | Equities/Options

$CVNA one of the few names to take out of its base highs pivots and hold above it. Short IMO is not the right move.

Shopify Might Have Entered Into the BTFD Zone 🛍️

@ponderevo | Pro | Techincals | Equities

$SHOP Added a small slug more here, as it stabilizes. Technically, there is a 60.03 gap from Aug 30, 2023, that never filled.

Fade the Celsius Vibes at your Own Risk⚡

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

$CELH Celsius Holdings Price Targets. It's been doing that buy low : sell high thing that you tend to find works well after a corrective phase. The folks selling you relative strength break out scans miss these type of charts because they're lazy. $100 Target for us.

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