“Tony Zhang "Constructively Bullish" in SPX & NDX, Offers NVDA Options Trade”
RSP is stabilizing and not yet outperforming cap-weighted indices; a breakout above 213 is the key signal being watched.
The S&P 500 Equal Weight Index has been down about 7% since its peak, but has started to recover some of that over the past two days. However, if you look at the RSP (S&P 500 Equal Weighted Index), it is still in a stabilization phase.
It has not yet fully begun to outperform market capitalization indices.
This is exactly what I'm looking for: this breakout above the 213 level in the RSP indicator, as a dividing line.