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Stocktwits Chart Art: May 23, 2024

The best charts and trade ideas from the day.

STOCKTWITS CHART ART: MAY 23, 2024
The Stocktwits Summary šŸ“

The Stocktwits community apparently knew something others didnā€™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. šŸ”»

Hereā€™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 Stocktwitsā€™ top Trending symbols:

CHART OF THE DAY
Momentum Divergence Finally Bears Fruit šŸ»

One key timing mechanism counter-trend traders use for betting against the crowd is called a ā€œmomentum 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 marketā€™s short-term momentum has shifted to the downside. āš ļø

Micro-Caps Remain Stuck Below Key Covid Level šŸ›‘

Boeing Breakdown Reaffirms Its Downtrend šŸ›¬

Ark Investā€™s Flagship Fund Is Falling Again šŸ“‰

Bear Flag Consolidation Questionā€™s Crudeā€™s Future šŸ›¢ļø

Viking Therapeutics Probes Bottom Of Its Range šŸ•µļø

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Disclaimer:Ā 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.Ā Read the full terms & conditionsĀ here.Ā šŸ”