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Stocktwits Chart Art: May 23, 2024
The best charts and trade ideas from the day.
Tom Bruni
May 23, 2024
STOCKTWITS CHART ART: MAY 23, 2024
The Stocktwits Summary š
The Stocktwits community apparently knew something others didnāt, 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. š»
Hereās 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 Stocktwitsā top Trending symbols:
CHART OF THE DAY
Momentum Divergence Finally Bears Fruit š»
One key timing mechanism counter-trend traders use for betting against the crowd is called a āmomentum divergence.ā 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 marketās short-term momentum has shifted to the downside. ā ļø
Micro-Caps Remain Stuck Below Key Covid Level š
Boeing Breakdown Reaffirms Its Downtrend š¬
Ark Investās Flagship Fund Is Falling Again š
Bear Flag Consolidation Questionās Crudeās Future š¢ļø
Viking Therapeutics Probes Bottom Of Its Range šµļø
Get In Touch š¬
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Disclaimer: Content, news, research, tools, and securities symbols are for educational and illustrative purposes only and do not imply a recommendation or solicitation to buy or sell a particular security or to engage in any particular investment strategy. Read the full terms & conditions here. š
