- Chart Art
- Posts
- Stocktwits Chart Art: September 10, 2024
Stocktwits Chart Art: September 10, 2024
The best charts and trade ideas from the day.
Tom Bruni
September 10, 2024
STOCKTWITS CHART ART: SEPTEMBER 10, 2024
The Stocktwits Summary 📝
Markets were mixed ahead of tomorrow’s inflation data, with the Nasdaq 100 leading and small-caps lagging. Banks and oil stocks came under pressure, while consumer discretionary and technology led higher. 😐
Here’s how the major indexes ended the day:
Index | ST Sentiment Score | ST Message Volume |
|---|---|---|
$SPY (+0.44%) | Bullish (56) | Normal (54) |
$QQQ (+0.92%) | Extremely Bullish (92) | Normal (52) |
$IWM (-0.08%) | Bearish (37) | Normal (52) |
$DIA (-0.19%) | Neutral (53) | High (61) |
*The ST Sentiment Score & Message Volume scales range from 0 to 100 (extremely bearish to extremely bullish). More info here.
And here were Stocktwits’ top Trending symbols:
CHART OF THE DAY
Consumer Discretionary Could Begin To Outperform 🛍️
Ratio charts are a major part of technical analysts’ toolbelt, with practitioners using them to measure the performance of one asset relative to another. The goal is to identify areas of relative strength to buy and areas of relative weakness to sell (or avoid). 🕵️
Stocktwits user @allstarcharts pointed to growing divergence in the Consumer Discretionary vs. S&P 500 ($XLY/$SPY) ratio, which recently made new price lows as momentum made a higher low.
This “bullish momentum divergence” is a potential signal that selling pressure is waning and that consumer discretionary stocks could be due for a change of trend relative to the broader market. 🤔
After major underperformance over the last three years, the improvement could signal market participants’ willingness to buy risker companies and stocks is increasing. That’s despite continued concerns about the economy and the overall stock market’s health.
Amazon Attempts To Break Above 180 📦
Pfizer Finally Breaks Out Of Its Box 💊
