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Todayās Summary
Wednesday, May 22, 2024
Indices:Ā NasdaqĀ -0.05%Ā | S&P 500Ā -0.27%Ā | DowĀ -0.51%Ā | Russell 2000Ā -0.79%
Sectors:Ā 4 of the 11 sectors closed higher. Tech led, gainingĀ +0.22%. Energy lagged, droppingĀ -1.92%.
Commodities:Ā Crude Oil futures fellĀ -1.39%Ā to $77.57 per barrel. Gold futures droppedĀ -1.36%Ā to $2,393 per oz.
Currencies:Ā The US Dollar Index roseĀ +0.28%Ā to $104.91.
Crypto:Ā Bitcoin fellĀ -1.45%Ā to $69,118. Ethereum fellĀ -1.43%Ā to $3,736.
Volatility:Ā The Volatility Index roseĀ +3.80%Ā to 12.30.
Interest Rates:Ā 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 $TAN pic.twitter.com/6QAbjWOD5a
— Justin Spittler (@JSpitTrades) May 22, 2024
š Todayās Chart of the Day was shared by Justin Spittler (@JSpitTrades).
- Solar stocks have been notoriously weak in recent years. However, they woke up today with the Solar ETF ($TAN) gaining +9%.
- The largest solar stock, First Solar Inc. ($FSLR) surged +18.7% today, closing at a 16-year high.
- Itās still down -19% from record highs; however, itās recovering from a -96% drawdown, and this is the first time itās been less than -20% since the peak in 2008.
The takeaway: The Solar ETF ($TAN) outperformed by a wide margin today after its largest component ($FSLR) surged +18.7%. Solar hasnāt participated in this bull market at all, but this unloved group could catch a bid in the near term.
Quote of the Day
āThe key to building wealth is to preserve capital and wait patiently for the right opportunity to make the extraordinary gains.ā
ā Victor Sperandeo
Top Links
May Mid-Month Conference Call: 5 Key Takeaways – All Star Charts
The team at All Star Charts lays out five things to watch in the month ahead.
Technical Support: Nvidia, Robinhood & Pfizer – CNBC
Jay Woods shares his technical perspective on $NVDA, $HOOD, and $PFE.
Memorial Day Week: Stocks to Buy and Sell – Schaeffer’s Investment Research
Rocky White looks at how stocks have historically performed around Memorial Day.
Important Gold Indicator Experiencing Multi-Year Breakout! – Kimble Charting Solutions
Chris Kimble highlights a bullish signal for Precious Metals.
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. $SPXhttps://t.co/l5IYmkeySJ pic.twitter.com/oTDcFsadsa
— Charlie Bilello (@charliebilello) May 22, 2024
Want some morešvibes?
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 itās risen from a low of just 1.9% in 2020, itās far from the peak of 16.3% in 2008. pic.twitter.com/TmY01qjLk4
— Cetera Investment Management (@ceteraIM) May 22, 2024
$TAN / $XLE pic.twitter.com/wLRhznIkV4
— Christian Fromhertz šŗšø (@cfromhertz) May 22, 2024
Solar + Disparity Index
Price is nearing the 200-day moving average.
DI = 100 * (close – 200SMA) / close$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 š (@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 š² pic.twitter.com/LZbA4AxLtJ
— Evan (@StockMKTNewz) May 22, 2024