Stocktwits Chart Art: October 16, 2024

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STOCKTWITS CHART ART: OCTOBER 16, 2024
The Stocktwits Summary 📝

The small-cap Russell 2000 closed at a new year-to-date high as investors and traders continue to bet on further breadth expansion. Earnings and individual company news continue to drive the most significant stock moves across sectors, market cap segments, etc. 👀

Here’s how the major indexes ended the day:

*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
Transports Get On The Gravy Train 🚂

Weak market breadth has been one of the bears’ major talking points for the last two years, with them arguing that the ‘Magnificent 7’ tech stocks were the only thing leading the market higher. While that has been proven false repeatedly, they’ve at least had both small-cap stocks and transportation stocks to point to in favor of their argument…until today. 🧐

Stocktwits user @ZenTrends shared a chart of the Dow Jones Transportation Average finally breaking out to new highs on the back of United Airlines’ positive results and overall industry strength. The next chart below his shows the small-cap Russell 2000 also making new yearly closing highs.

If these two indexes, which had previously lagged the large-cap indexes by a wide margin, begin to participate…the bears are going to need to find a new argument. If we had to guess, it would be that the market is extended in the short term, so be sure to look out for that. 🤦

Small-Caps Finally Make Their Move 🦐

Morgan Stanley Moves To New Highs After Earnings 🤑

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