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Stocktwits Chart Art: October 29, 2024
The best charts and trade ideas from the day.
Tom Bruni
October 29, 2024
STOCKTWITS CHART ART: OCTOBER 29, 2024
The Stocktwits Summary 📝
Strength in technology and comm services helped buoy the large-cap indexes, while weakness in every other sector dragged small-caps and the Dow 30 lower. Bitcoin was the biggest move of the day, with many looking to capitalize on the fresh breakout as “Mag 7” earnings and economic data add volatility to the mix. 👀
Here’s how the major indexes ended the day:
Index | ST Sentiment Score | ST Message Volume |
|---|---|---|
$SPY (+0.16%) | Neutral (54) | Normal (50) |
$QQQ (+0.96%) | Bearish (41) | Normal (54) |
$IWM (-0.29%) | Bullish (66) | Normal (48) |
$DIA (-0.37%) | Neutral (45) | Normal (53) |
*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
Bitcoin Is The Breakout Of The Day 🤑
We’ve been discussing MicroStrategy’s breakout and how many viewed it as a preliminary sign of a major breakout in Bitcoin ahead. Today, that breakout is here. 📈
Stocktwits user @DavyDaveCharts shared a chart of Bitcoin moving through several levels of resistance, with just its all-time high near 74,000 separating it from further price discovery.
Nonetheless, if this move sticks, many investors and traders expect the momentum to continue, with many targeting “catch-up” trades in miners and other crypto-linked stocks that haven’t made their moves yet. 🕵️
S&P 500’s Momentum Meter Makes A Positive Crossover 👍️
Semiconductor ETF Sets Up For Its Next Leg Higher 👀
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