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Stocktwits Chart Art: May 29, 2024

The best charts and trade ideas from the day.

Author

Tom Bruni
May 29, 2024

STOCKTWITS CHART ART: MAY 29, 2024
The Stocktwits Summary 📝

The global stock market selloff accelerated as oil, bonds, and other major assets all came under pressure. Nvidia remained in the green as it set its eyes on the $3 trillion mark, while cocoa futures rose again because why not? 🤷

Here’s how the major indexes ended the day:

Index

ST Sentiment Score

ST Message Volume

$SPY (-0.70%)

Neutral (49)

High (55)

$QQQ (-0.70%)

Bullish (65)

High (58)

$IWM (-1.48%)

Neutral (52)

High (56)

$DIA (-1.03%)

Neutral (50)

Normal (49)

*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
Warnings Flash As Semis Leave Software In The Dust ⚠️

The tech sector has been red hot, but not all areas are experiencing the same level of strength. 🤔

Stocktwits user @ChristopherBrecher suggested the recent divergence between semiconductor stocks and their software peers could lead to some mean reversion soon.

Given their historically close relationship, this disconnect is worth watching in the weeks and months ahead. As always, the key question is what catalyst will cause this recent trend to change. 👀

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

$SMH This is a big divergence. They don't move perfectly together, but usually this big a divergence does lead to some kind of reversion.

Weekly RSI Divergence Could Drag Stocks Lower 😬

@Tyler_Richey_CMT | Pro | Technicals/Macro | Equities/Options/Futures

S&P 500 Weekly RSI Divergences at Record Highs (2018, 2020, 2022, & 2024)... 3 of the last 4 times this pattern has emerged, the result was a market decline of 20%+... will 2024 make it 4/4?

Several Market Leaders Slip Below Their YTD Uptrends 👎

@Forklift5909 | Intermediate | Technicals | Equities/Options/Futures

$CMG 😕

American Airlines’ Troubles Create Buying Opportunity In Delta 🛬

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

$DAL with an interesting look as it pulls back on $AAL's guidance update. If it can hold the prior highs/breakout area + 50-day sma, it may be worth a look.

Uber Looks To “Pick Up” Buyers At Former Resistance 🚗

@ATMcharts | Pro | Technicals | Equities/Crypto

some early red to greens that stood out: $PDD $NXT and how about $UBER at this long term pivot a few % above the 200 day MA

Reddit Looks Ready To Rock & Roll 🤘

@ACInvestorBlog | Pro | Technicals | Equities

$RDDT seems to be forming a cup and handle on the daily.

Broadcom Forms Another Bull Pennant Pattern 🐂

@DavyDaveCharts | Intermediate | Technicals | Equities/Options

$AVGO for now, a bull pennant formation appears to be developing. As the RSI cools off, I wouldn't be surprised if price dips into the imbalance below. The question is, will this be the discount future bulls are looking for?

Anything Can $APP-en As Stock Shows Relative Strength 😉

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

$APP solid play ignorning market selloff...ready for next leg higher.

Amazon’s Baby Breakout Is Underway 🛒

@Thelonius_Stonk | Pro | Technicals | Equities/Crypto

$AMZN looking good

Japanese Yen Set To Test Bank Of Japan’s Resolve 💴

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

$USDJPY Daily. Dollar/Yen. As this chart goes higher the Yen weakens against the Dollar (and most major currencies). Left arrow shows the Japanese intervention in April to defend their currency. Chart looks ready to retest it here, which would undermine the intervention

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