RSP

So, this is your RSP, which is your equal weight S&P 500 ETF. Now, look at this amazing level. I discovered it was it was absolutely incredible. When I find these things, it's like finding a diamond in the rough type situation.

You have this former pivot right here. Look at the high, high, high, and high. This was actually a little inverse head and shoulders. It broke out. It formed a little gap right here.

There's a gap that hasn't been filled right at this 205 20470 level. In addition, look at this. If we do my Fibonacci retrace from this low to this high, the 50% retrace aligns perfectly with that level.

So, one of the things I look for in the charts is when multiple factors align. In this case, we have a former resistant pivot, multiple hits before it broke out, which is a retrace.

This would be a retrace to the scene of the crime. At that same level, we have a gap fill and we have a Fibonacci 50% retrace all at the same level.

What I find interesting is the equally weighted S&P 500, right? That is our index; I don't need to tell you the symbol , but the symbol is RSP for many of our viewers. This index has taken a heavy beating .

The S&P 500 is nearly 1% lower than its record high. We have made the calculation and the index is about 5% lower than its peak.