Daily Chart Report ๐ Wednesday, May 22, 2024
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Todayโs 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 $3,736.
Volatility: The Volatility Index rose +3.80% to 12.30.
Interest Rates: The US 10-year Treasury yield rose to 4.426%.
Here are the best charts, articles, and ideas shared on the web today!
Chart of the Day
๐ Todayโs Chart of the Day was shared by Justin Spittler (@JSpitTrades).
- Solar stocks have been notoriously weak in recent years. However, they woke up today with the Solar ETF ($TAN) gaining +9%.
- The largest solar stock, First Solar Inc. ($FSLR) surged +18.7% today, closing at a 16-year high.
- Itโs still down -19% from record highs; however, itโs recovering from a -96% drawdown, and this is the first time itโs been less than -20% since the peak in 2008.
The takeaway: The Solar ETF ($TAN) outperformed by a wide margin today after its largest component ($FSLR) surged +18.7%. Solar hasnโt participated in this bull market at all, but this unloved group could catch a bid in the near term.
Quote of the Day
โThe key to building wealth is to preserve capital and wait patiently for the right opportunity to make the extraordinary gains.โ
โ 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.