Steve Miller on $RSP (Nov 6, 2026)

Let's take a look at the RSP indicator. RSP here is the isoweighted index. This was extremely powerful. We said last week that we believed—look at the amazing rhythms here—that given the situation was taking shape upwards and the momentum was strong, we were likely to see the market heading towards a new record high.

He actually did that after the election. He got there and then experienced this failure at that point.

This is an "engulfing" pattern if the week ends like this. This really looks to me like a double top pattern. We can expect the momentum to start to decline. And when I look at the daily chart, you can see this precise breakdown.

I mean, where you have this new record level that it has reached, and this massive engulfing pattern that engulfs five trading days and then breaks the low of the time cycle.

When you break the lowest point of the time cycle and look at all the time remaining here, it warns you that if the stock market tries to rise in the next week or two, it is likely to fail.

In any case, you can see that this was guiding you here to keep your options positions tilted towards buying. That hasn't changed yet. Remember, this is only two days old. This indicator is slow to give signals.

This indicator remains positive, although it is difficult for it to rise, and I have just begun to see a turn in a healthy bar without a crossover.

So, the RSP indicator gives us indications of the top. There has been a collapse here, and for me that is very negative, and I will rely on that a lot in my trading because I think the rallies will fail.