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Stocktwits Chart Art: May 23, 2024

The best charts and trade ideas from the day.

Author

Tom Bruni
May 23, 2024

STOCKTWITS CHART ART: MAY 23, 2024
The Stocktwits Summary 📝

The Stocktwits community apparently knew something others didn’t, as they turned bearish a few days back and stuck to their guns. Today, Nvidia was one of the few stocks in the green as equity indexes sold off in the U.S. and globally. 🔻

Here’s how the major indexes ended the day:

Index

ST Sentiment Score

ST Message Volume

$SPY (-0.73%)

Bearish (38)

High (64)

$QQQ (-0.45%)

Neutral (50)

High (70)

$IWM (-1.61%)

Neutral (50)

Extremely High (77)

$DIA (-1.50%)

Bearish (41)

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
Momentum Divergence Finally Bears Fruit 🐻

One key timing mechanism counter-trend traders use for betting against the crowd is called a “momentum divergence.” This is essentially when a momentum indicator (RSI, MACD, Stochastics, etc.) does not make a new high (or low) along with the asset's prices.

Stocktwits user @2kaykim outlines on a one-month 65-minute chart the recent price jump to new highs while momentum made a lower high. With prices reversing today, that confirms the divergence and suggests the market’s short-term momentum has shifted to the downside. ⚠️

@2kaykim | Pro | Technicals | Equities/Options/Crypto

BEARISH DIVERGENCE STILL IN PLAY! •Down arrow when micro-term MA is lost •Up arrow when micro-term MA is held $SPY 65MIN BARS

Micro-Caps Remain Stuck Below Key Covid Level 🛑

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

$IWC - iShares Micro Caps (4 of 4)

Boeing Breakdown Reaffirms Its Downtrend 🛬

@crosshairtrader | Pro | Technicals | Equities/Options

$BA False Box Break. Previous low is target.

Ark Invest’s Flagship Fund Is Falling Again 📉

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

$ARKK Daily. Continued weakness in ARK, and now threatening a clean bear flag breakdown, points to something being amiss regarding markets pricing in a soft landing and lower rates for growth stocks. The AI craze is extremely narrow in focus and not broadening out.

Bear Flag Consolidation Question’s Crude’s Future 🛢️

@Thelonius_Stonk | Pro | Technicals | Equities/Crypto

$CL_F bear flagging

Viking Therapeutics Probes Bottom Of Its Range 🕵️

@JFDI | Pro | Technicals/Growth | Equities

$VKTX sitting on the floor.

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