Today’s Chart of the Day was shared by Greg Rieben (@gregrieben). It's a chart of the Steel ETF, $SLX, over the past 10 years. The heaviest weighted stocks within $SLX include, $VALE, $RIO, $NUE, $MT, and $X. This ETF broke out to its highest level in over a decade today. It surged more than 250% off the March 2020 lows but has spent the past 10-months digesting those gains and building a base. Steel stocks look poised for further strength as long as $SLX can hold this breakout around $67-68 in the near term.
Chart of the Day - Thursday, March 24th, 2022
March 24, 2022
