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- Stocktwits Chart Art: September 18, 2024
Stocktwits Chart Art: September 18, 2024
The best charts and trade ideas from the day.
Tom Bruni
September 18, 2024
STOCKTWITS CHART ART: SEPTEMBER 18, 2024
The Stocktwits Summary 📝
The U.S. Federal Reserve finally cut, surprising the market with a 50 bp move instead of 25 and laying the foundation for many more future cuts. After an initial rally, the market reversed course as traders and investors wait for the dust to settle in the coming days before placing any big bets. 🙃
Here’s how the major indexes ended the day:
Index | ST Sentiment Score | ST Message Volume |
|---|---|---|
$SPY (-0.30%) | Extremely Bearish (17) | High (66) |
$QQQ (-0.43%) | Bearish (42) | High (62) |
$IWM (+0.02%) | Extremely Bullish (75) | High (71) |
$DIA (-0.26%) | Bearish (32) | High (63) |
*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
What If Rate Cuts Aren’t Always Bullish? 😬
While the market was initially excited about the Federal Reserve’s 50 bp cut, reversals into the end of the day signal some element of uncertainty around what it means for the broader market (and economy). 🤔
Stocktwits user @allstarcharts’ chart below shows the path of the S&P 500 in the six months before and twelve months after initial rate cuts. And as it shows, the market typically performs worse after an initial 50bp cut than a 25bp one.
Powell and the Fed seem confident that the ‘soft landing’ is intact and there’s relatively smooth sailing ahead. But if history is a guide, it may not be as smooth sailing as many anticipate. 🤷
Meta Looks Ready To Resolve Its Bull Flag 😬
Biotech’s Latest Breakout Attempt Bleeds Out 🙃
