Equal Weight S&P 500 Looks to Break Above Key Fibonacci Extension Level
US500
-0.65%
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SPXEW1
-0.17%
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RSP
-0.11%
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1:100
1:200
1:400
1:500
1:1000
Commission:
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The latest stock market rally has taken several key indexes to new highs.
One such index is the Equal Weight S&P 500. While this is bullish, today’s long-term “monthly” chart of the Equal Weight S&P 500 ETF (NYSE:RSP) shows the price running into a big Fibonacci resistance level.
Equal Weight S&P 500 Chart
As you can see, the Equal-weight S&P 500 closed right at its 161% Fibonacci extension level last month.
It will be very interesting to see what type of pattern we see developing this month. Breakout? Or bearish reversal lower?
What happens next should send an important message to stocks.