S&P Equal Weight Index (RSP Daily analysis)
The volume below is very thin (yellow highlight), and the chart trend is downward and weakening. The equal weight index actually performed a little better than the weighted index during the selloff, retracing only 42% versus SPY 50% during the period of Covid low in March 2020 to all time high in January 2022.
There are three lines of potential support, all at volume points of control as well as Gann lines:
138.96, or -1.8% from 5/12 close at 141.52
135.31, or -4.4% from 5/12 close
130.2, or 8.0 % from 5/12 close
I'm inclined to believe the 8% scenario is most probable, since typical corrections (which I believe is imminent) range around 7%.
There are three lines of potential support, all at volume points of control as well as Gann lines:
138.96, or -1.8% from 5/12 close at 141.52
135.31, or -4.4% from 5/12 close
130.2, or 8.0 % from 5/12 close
I'm inclined to believe the 8% scenario is most probable, since typical corrections (which I believe is imminent) range around 7%.