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Stocktwits Chart Art: May 22, 2024

The best charts and trade ideas from the day.

Author

Tom Bruni
May 22, 2024

STOCKTWITS CHART ART: MAY 22, 2024
The Stocktwits Summary 📝

Stocks came in today a bit hesitant, with the FOMC Minutes’ vibes throwing the market into a small tailspin. The central bank’s commentary suggested that the “higher for longer” rate situation could be longer(er) than even the market had gotten comfortable with. 😱

Here’s how the major indexes ended the day:

Index

ST Sentiment Score

ST Message Volume

$SPY (-0.29%)

Bearish (41)

Normal (52)

$QQQ (-0.02%)

Extremely Bearish (20)

High (57)

$IWM (-0.84%)

Extremely Bearish (18)

High (60)

$DIA (-0.53%)

Extremely Bearish (18)

High (59)

*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
CarGurus Continues To Build Its Breakout Case 🚗

While a lot of the market has been focused on Carvana, Root Insurance, and others in the car retailer space, CarGurus has been flying under the radar.

Stocktwits user @alphatrends’ outline below that although the fundamental picture looks compelling, the technical view is the real selling point. The tight consolidation since its last earnings report is happening near a key level, with traders like Brian looking for further strength before getting involved. 👀

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

It isn't really a fundamental play but estimates are for steady growth this yr and next in $CARG The daily chart has a 30 min detailed inset of the trading since last EPS, I drew the VWAP in since the gap on this @marketsurge Not long yet but getting close

Coal Stocks Are Heating Up Again 🔥

@upsidetrader | Pro | Technicals | Equities

$CEIX Now coal getting active. Watching $BTU

$FIX Shareholders Are Getting Comfortable Being On Top 💪

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

$FIX: with home sales slowing, people are gonna need new AC units. Which is probably why this company is growing EPS 68% Y/Y. Nice push off support here.

Buyers Await The Doctor’s “All Clear” Sign 😬

@Thelonius_Stonk | Pro | Technicals | Equities/Crypto

$DOCU still working on a big base with ascending triangle look

Biotech Stocks Look Ready To Bounce 💊

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

$XBI - the biotech sector is setting up for a potential bounce.

Lululemon News Could Cause Nike To Break Down Again 👟

@SharePlanner | Pro | Technicals | Equities/Futures

Continuation triangle suggests $NKE could go lower from here, so I would certainly be careful with getting long on it while it remains inside the pattern. I've yet to see anything on the chart that suggests it is it has a bullish edge to it, that could change on a break to the upside.

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