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Stocktwits Chart Art: November 05, 2024
The best charts and trade ideas from the day.
Tom Bruni
November 05, 2024
STOCKTWITS CHART ART: NOVEMBER 05, 2024
The Stocktwits Summary 📝
Stocks rebounded today on the back of big tech as investors and traders prepared their portfolios for U.S. election-related volatility. Still, while some rush for protection, others press their bets in new breakouts and other trade setups. 👀
Here’s how the major indexes ended the day:
Index | ST Sentiment Score | ST Message Volume |
|---|---|---|
$SPY (+1.21%) | Bullish (59) | High (59) |
$QQQ (+1.28%) | Bullish (61) | Normal (52) |
$IWM (+1.88%) | Bullish (67) | Normal (49) |
$DIA (+1.02%) | Bullish (58) | High (61) |
*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
Market Participants Race For Protection 😨
Many are looking for ways to gauge how investors and traders feel going into tonight’s U.S. presidential election, using election polls, stock performance, etc. 📊
Stocktwits user @allstarcharts shared a chart of the CBOE put/call ratio rising to new 52-week highs even as stocks sit near all-time highs, signaling a rush for “protection” through at least the end of this week’s events.
J.C. sees this as a bullish sign that the market could be caught flat-footed if stocks continue higher. However, many others view this less as a contrarian signal and instead as a sign that any downside, if it does occur, could be somewhat limited given that many market participants grabbed protection in the options market. 🛡️
Netflix Breaks Out Of Its Recent Bullish Consolidation 🍿
Philip Morris Shares Still Look Smokin’ Hot 🔥
