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Stocktwits Chart Art: October 31, 2024
The best charts and trade ideas from the day.
Tom Bruni
October 31, 2024
STOCKTWITS CHART ART: OCTOBER 31, 2024
The Stocktwits Summary 📝
Stocks experienced their second major down day, driven by lackluster earnings from the mega-cap tech stocks that have already been reported. That, combined with breakdowns or waning momentum in several leading sectors, is making traders feel a bit more cautious ahead of an event-filled week. 👀
Here’s how the major indexes ended the day:
Index | ST Sentiment Score | ST Message Volume |
|---|---|---|
$SPY (-1.98%) | Bearish (37) | High (63) |
$QQQ (-2.59%) | Neutral (48) | High (66) |
$IWM (-1.68%) | Bearish (43) | Normal (50) |
$DIA (-0.98%) | Bearish (32) | 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
The Nasdaq 100’s Potentially Bearish Divergence 🕵️
With today’s weakness, technical analysts are beginning to question whether the Nasdaq 100’s ETF is a similar pattern that preceded the 2022 decline. 🤔
It’s called a “bearish momentum divergence,” where the market’s momentum indicator makes a lower high as prices make a higher high. Essentially, this shows waning momentum among buyers and warns of a potential for sellers to take control.
Trend reversal patterns are, by nature, lower-probability. However, Stocktwits users like @howardlindzon and @KimbleCharting interpreted this character change as a sign to be more cautious ahead of next week’s presidential election, Fed decision, and continued earnings results. ⚠️
S&P 500 Tech Sector ETF Puts In A Short-Term Top 😬
Spotting A Bearish Pattern In Semiconductor Stocks 🐻
