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Stocktwits Chart Art: May 10, 2024

The best charts and trade ideas from the day.

Author

Tom Bruni
May 10, 2024

STOCKTWITS CHART ART: MAY 10, 2024
The Stocktwits Summary 📝

The DOW made magic today closing green on its 8th consecutive session and wrapping up its best week of 2024. Interesting to note that the S&P 500 sentiment swung extremely bearish as small caps and growth dipped lower on the day, which could be a sign of things to come with next weeks inflation print looming over markets.

Here’s how the major indexes ended the day:

Index

ST Sentiment Score

ST Message Volume

$SPY (+0.13%)

Extremely Bearish (23)

High (55)

$QQQ (+0.24%)

Bearish (32)

Normal (51)

$IWM (-0.75%)

Neutral (49)

Normal (53)

$DIA (+0.30%)

Bullish (58)

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
Small Caps & Growth Stocks Spin a Sorry Tale 📉

We shared an S&P 500 chart earlier this week that recommended traders to take some profits here as overbought signals began to flash on the indexes. Today, Chess is sharing a chart with a similar theme highlighting today’s drop in small caps to point out weakness in $ARKK, which could signal a short term ‘risk off’ atmosphere.

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

$ARKK Daily. With three big gaps still open, below (horizontal lines), growth stock/small cap-laden ARK is a notable laggard today alongside $IWM. Looks like clean bear flag breakdown in play.

May be Time to Light Up Some Weed Stocks 🔥

@Professor | Pro | Technicals | Equities/Options

Weed names are ready to do something: $ACB Needs to clear $7 $CGC Needs to clear $10.23 Once they are above- it is game on 🎶

Tesla to Finally Breakout From Slump? ⚡

@cryptocantoncat | Pro | Technicals | Equities/Crypto

$TSLA #Tesla weekly chart Gap filled this week, on low volume Gap fills can serve as pretty good support Whale inflow coming Buy signal last week

Potential Smooth Sailing Ahead for UnitedHealth Group ⛵

@lextrading | Pro | Technicals | Equities/Options

$UNH Gap closed. $535 is the next resistance.

Sweetrgeen Soars Above Major Resistance 🚀

@StockMarketTV | Pro | Top-Down Technicals | Equities

Sweetgreen $SG is clearing a major level of resistance with authority today.

Higher the Base the Higher in Space 🌙

@Nikotes | Intermediate | Growth | Equities

$TTD No need for additional lines, this base is something 🧠 No position.

New Obesity Pill Favorite Looks Like It has Room for More Gains 💊

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

$VKTX Another short term "Stewie Pattern".

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