Chart of the Day - Thursday, January 22, 2026

🏆 Today's Chart of the Day was shared by Lawrence McDonald (@Convertbond).
 

• The Metals & Mining ETF ($XME) pushed to new all-time highs today and to fresh eight-year highs relative to the Nasdaq 100 ($QQQ).
   
• As Lawrence highlights, $XME has significantly outperformed $QQQ over the past five years, with the Nasdaq now on pace for its second-worst month versus $XME in history.
   
• On a longer-term basis, the monthly MACD crossover signals a loss of relative momentum for the Nasdaq, suggesting this move may be in the early stages of a broader trend. 

The Takeaway: Metals & Mining stocks are asserting leadership, with the group breaking out to new highs on both an absolute and relative basis.