Daily Chart Report 📈 Wednesday, May 22, 2024

May 22, 2024

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Today’s Summary
Wednesday, May 22, 2024

Indices: Nasdaq -0.05% | S&P 500 -0.27% | Dow -0.51% | Russell 2000 -0.79%

Sectors: 4 of the 11 sectors closed higher. Tech led, gaining +0.22%. Energy lagged, dropping -1.92%.

Commodities: Crude Oil futures fell -1.39% to $77.57 per barrel. Gold futures dropped -1.36% to $2,393 per oz.

Currencies: The US Dollar Index rose +0.28% to $104.91.

Crypto: Bitcoin fell -1.45% to $69,118. Ethereum fell -1.43% to $3,736.

Volatility: The Volatility Index rose +3.80% to 12.30.

Interest Rates: The US 10-year Treasury yield rose to 4.426%.

Here are the best charts, articles, and ideas shared on the web today!

Chart of the Day

Monster breakout in First Solar $FSLR.

This is the CLEAR industry leader within solar.

Must watch going forward.

Group: Solar $TAN pic.twitter.com/6QAbjWOD5a
— Justin Spittler (@JSpitTrades) May 22, 2024

🏆 Today’s Chart of the Day was shared by Justin Spittler (@JSpitTrades).

Solar stocks have been notoriously weak in recent years. However, they woke up today with the Solar ETF ($TAN) gaining +9%.

The largest solar stock, First Solar Inc. ($FSLR) surged +18.7% today, closing at a 16-year high.

It’s still down -19% from record highs; however, it’s recovering from a -96% drawdown, and this is the first time it’s been less than -20% since the peak in 2008.

The takeaway: The Solar ETF ($TAN) outperformed by a wide margin today after its largest component ($FSLR) surged +18.7%. Solar hasn’t participated in this bull market at all, but this unloved group could catch a bid in the near term.

Quote of the Day

“The key to building wealth is to preserve capital and wait patiently for the right opportunity to make the extraordinary gains.”

– Victor Sperandeo

Top Tweets

S&P 500 is up 11.6% in the first 98 trading days of 2024, the 19th best start to a year going back to 1928. $SPX https://t.co/l5IYmkeySJ pic.twitter.com/oTDcFsadsa
— Charlie Bilello (@charliebilello) May 22, 2024

Want some more🐂vibes?

Tomorrow is the 100th trading day of '24.

When up 10% YTD on this day (like '24 will likely be)?

Rest of yr up a median 10%, avg 8.8% and higher 85% of time. Much better than the avg year.

Past 9 times? 8 saw double digit gains. pic.twitter.com/pus3oykc5k
— Ryan Detrick, CMT (@RyanDetrick) May 22, 2024

$XLE - Energy seems to need some. pic.twitter.com/FPEonrpdEe
— Larry Thompson (@HostileCharts) May 22, 2024

Energy is the best performing sector over the last 3 years, yet the S&P 500 is still low energy. The energy sector is only 3.9% of the index. While it’s risen from a low of just 1.9% in 2020, it’s far from the peak of 16.3% in 2008. pic.twitter.com/TmY01qjLk4
— Cetera Investment Management (@ceteraIM) May 22, 2024

$TAN / $XLE pic.twitter.com/wLRhznIkV4
— Christian Fromhertz 🇺🇸 (@cfromhertz) May 22, 2024

Solar + Disparity Index

Price is nearing the 200-day moving average.

DI = 100 * (close - 200SMA) / close$TAN $SPX $ICLN pic.twitter.com/xoIibO7u9R
— Shane C. Murphy (@murphycharts) May 22, 2024

Bloomberg Commodity Spot Index has gained some steam, with year/year change approaching double-digit % territory pic.twitter.com/sskme7APuh
— Liz Ann Sonders (@LizAnnSonders) May 22, 2024

$CPER copper ETF - worst session since March 2020 pic.twitter.com/wlTaZrcL2L
— Mike Zaccardi, CFA, CMT 🍖 (@MikeZaccardi) May 22, 2024

copper with the "biggest bar against"... pic.twitter.com/rVDtFGZCig
— David Cox, CMT, CFA (@DavidCoxRJ) May 22, 2024

$GC_F into the 1.618... pic.twitter.com/joNTqOKOx5
— Ian McMillan, CMT (@the_chart_life) May 22, 2024

JUST IN:

Nvidia $NVDA is now over $1,000 😲 pic.twitter.com/LZbA4AxLtJ
— Evan (@StockMKTNewz) May 22, 2024

You’re all caught up now. Thanks for reading!

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Daily Chart Report 📈 Wednesday, May 22, 2024

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