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Stocktwits Chart Art: November 11, 2024
The best charts and trade ideas from the day.
Kyle Vallans
November 11, 2024
Presented by
STOCKTWITS CHART ART: NOVEMBER 11, 2024
The Stocktwits Summary 📝
Before we hop into today’s regularly scheduled programming, I want to introduce your new ‘Chart Art’ author, Kyle Vallans. He recently joined the Stocktwits team as a community manager and is a former prop trader, so he’s got the perfect skillset to deliver the best ideas from Stocktwits each day…as well as take this newsletter brand to the next level. You can find Kyle’s email in the footer of each newsletter, so be sure to reach out with your feedback and what more you’d like to see. Now, without further adieu, I’ll pass it off to Kyle to kick off today’s newsletter. - Tom Bruni
*Thanks Tom for the warm welcome and the handoff!
Anyway, under the hood, it’s been a melt-up today in mostly crypto and crypto-related names following an incredibly strong overnight session. Often, strong overnight gaps get sold, but not today. It’s been great to see the momentum carry into today’s close, even with the indices finishing essentially flat.
For some added color, Tesla is back with its $1 trillion cap, markets hit new highs, and Bitcoin breached $87,000. Despite all this strength, we’re seeing real weakness in solar, parts of healthcare like Moderna, and cannabis proxies, which can’t seem to catch a bid.
Here’s how the major indexes ended the day:
Index | ST Sentiment Score | ST Message Volume |
|---|---|---|
$SPY (+0.08%) | Bearish (41) | Normal (48) |
$QQQ (-0.06%) | Bullish (59) | Normal (48) |
$IWM (+0.51%) | Bullish (56) | Normal (52) |
$DIA (-0.03%) | Neutral (53) | Normal (48) |
*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
Marijuana Stocks Slide To Fresh Lows 📉
MSOS, also known as the Pure US Cannabis ETF, has continued its slide, hitting new lows after Florida's recent cannabis legalization effort fell short on November 5th.
Florida’s approval could have opened up a substantial market for the cannabis sector, but the amendment garnered just a 55% vs. 60% vote needed to pass. For those on the losing end of this trend, it’s been a story of doom and gloom. 😭
Stocktwits user @bclund highlighted today’s fresh all-time lows in $MSOS.
Enphase Falls As Solar Stocks Lose Their Spark 🎇
Moderna Shares Speed Up To The Downside 🔪
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