Chart of the day: RSP

Blake Morrow Forex Analytix

Key resistance on SPX ETF!

The RSP is an ETF of the S&P 500, equal weighted. And since the talk of the recent market strength has been focused on just a few individual stocks, we thought it would be important to note that the equal weighted ETF of the S&P500 hit key resistance today, which matches the highs from January 2022, risking a double top formation as the relative strength (RSI) is divergent. In the event, the broader markets turn lower from here, the risk is this equal weighted ETF could trade back below the 50dma (orange average) rather quickly.

Author

Blake Morrow

Forex Analytix

Blake Morrow spent most of his professional career as the Chief Currency Strategist for Wizetrade group for 15 years, and then the Senior Currency Strategist for Ally Financial after the acquisition of Tradeking which owned the Wizetrade Group.

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