S&P 500 Equal Weight Index shows constructive technical momentum with price above 21-day SMA, positive RSI, and MACD crossover indicating a new uptrend.

We see the S&P 500 Equal Weight Index continuing its advance, and that is good news. It has risen back above the 21-day simple moving average. Our Relative Strength Index (RSI) is entering positive territory, which is very constructive.

Let's take a look at the MACD indicator, where the black line has crossed over its red counterpart. This is often a signal to start a new uptrend, and you would like to see the gap widen between the red signal line and the black MACD line.

This will tell you that the momentum is increasing.

This is a fact derived from my work on the "MEM Edge" report, which is published twice a week. With the S&P 500 Equal Weighted Index, we focused on this precedent that occurred in April.

After the March decline, the Equal Weight Index has risen back above its 50-day simple moving average. The Relative Strength Index (RSI) reached the positive zone, and then we witnessed a good MACD crossover that preceded this upward trend.