Equal Weight S&P 500 Looks to Break Above Key Fibonacci Extension Level
US500
-0.65%
Add to/Remove from Watchlist
Add to Watchlist
Add Position
Position added successfully to:
Please name your holdings portfolio
Type:
BUY
SELL
Date:
Amount:
Price
Point Value:
Leverage:
1:1
1:10
1:25
1:50
1:100
1:200
1:400
1:500
1:1000
Commission:
Create New Watchlist
Create
Create a new holdings portfolio
Add
Create
+ Add another position
Close
SPXEW1
-0.17%
Add to/Remove from Watchlist
Add to Watchlist
Add Position
Position added successfully to:
Please name your holdings portfolio
Type:
BUY
SELL
Date:
Amount:
Price
Point Value:
Leverage:
1:1
1:10
1:25
1:50
1:100
1:200
1:400
1:500
1:1000
Commission:
Create New Watchlist
Create
Create a new holdings portfolio
Add
Create
+ Add another position
Close
RSP
-0.11%
Add to/Remove from Watchlist
Add to Watchlist
Add Position
Position added successfully to:
Please name your holdings portfolio
Type:
BUY
SELL
Date:
Amount:
Price
Point Value:
Leverage:
1:1
1:10
1:25
1:50
1:100
1:200
1:400
1:500
1:1000
Commission:
Create New Watchlist
Create
Create a new holdings portfolio
Add
Create
+ Add another position
Close
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.
