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Daily Chart Report 📈 Wednesday, 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

🏆 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 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

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

The post Daily Chart Report 📈 Wednesday, May 22, 2024 appeared first on The Chart Report.

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