🏆 Today's Chart of the Day was shared by Jason Perz (@JasonP138).
- The Steel ETF ($SLX) broke out to a 14-year high today, surpassing its December 2023 peak of around $74. It surged more than +270% off the COVID lows before entering this four-year consolidation phase.
- With precious metals defying gravity recently, industrial metals are finally catching some demand, with copper miners ($COPX) also seeing a multi-year breakout today.
The top-weighted stocks in $SLX are:
$RIO - Rio Tinto Group (10.7%)
$VALE - Vale S.A. (8.5%)
$MT - ArcelorMittal S.A. (5.6%)
$NUE - Nucor Corporation (5.3%)
$STLD - Steel Dynamics Inc. (5.1%)
The Takeaway: The Steel ETF ($SLX) broke out to a 14-year high today, potentially marking the end of a grueling multi-year consolidation.
