The chart posted is the RSP index for the SP 500 equal weight index . last week I said it needed to rally still in a 5th up. I am waiting for confirmation of the End of the 5th .It is a 5 wave rally as I said at the oct low major short squeeze . I do see this as the end of wave B just above the 2022 top . This is the bearish wave count.. The Alt would then...
Long RSP for an expansion in Market Breadth
I think one of the most interesting developments today is that the RSP is breaking higher.
Since the beginning of '24 there has been bad breadth and thin leadership. Now the RSP is above its Feb Value Area and above recent highs. I particularly like the consolidation before this push higher.
My intermediate...
All models are in very very deep over sold and the NYSI is nearing the 500 area this is what I had hoped for . the markets are now ready to Squeeze the last of shorts and trap most every bull on this next move . The NYSI will setup a perfect NON -CONFIRMATION
The AMEX:SPY is underperforming AMEX:RSP (equal weight SP:SPX ).
This means that underperformers could very well pick up the slack & outperform the Big 7 going forward. They have been performing well.
The Volatility Index TVC:VIX is down on the day BUT up from open.
Will the moving avg's push it lower or do we get some sort of support here? This is a...
I'm very wary of the mag 7 as the valuations are still way too high imo, however when I look at the RUT or RSP equal weight I see real value. Here is a quick volume profile measure from the September 22' low, notice how close we came to the 8/1 Gann line also pulled from the 22' low. I think real long term investors are stepping here. Surley the Fed has finished...
This is an interesting strategy.
From my little bit of back-testing, RSP seems to work best just because it is a breadth indicator.
Seems to work better in more volatile times with bigger moves.
Daily timeframe only. Basically, tracks overbought and oversold conditions but can signal momentum shifts and trend. Looking for long trades above, short trades...
Not all is equal. And nothing is static.
Entropy is the foundation of our world, and it is the bane of a rich man's existence.
You collect in one spot, then nature comes up and spreads your work around.
Entropy is the unbeatable power of justice. In the end entropy always wins.
One has limited amount of time to temporary evade it.
Panta Rhei - Heraclitus...
The chart posted tonight is the Equal weighted SP 500 So far this is the cleanest wave structure of all the indexes and as of tonight I can say this is my Preferred wave count and should be the guide going forward for the next 6 to 9 months . So The rally from the oct low of 2022 rallied in a abc x abc for the students for the rest of you it was a...
According to the Butterfly pattern, according to Fibo, the decline at the target 117$ perfectly converges. We also go down the channel where the lower border of the channel will be. All 3 parameters should be added together. We should reach it by June 2024, there will be a great point for going to long.
Will the Pluto retrograde in Capricorn June 11, 2023 usher in the inverted yield recession this summer? Will the AI mania abruptly wane until Pluto in Aquarius returns in Jan 2024?
The RSP H&S is hinting at what the real broad Market via breadth looks like if the 'tide' were to go out, revealing there is little support for the overall market other than the few tech big caps. It looks like we'll soon see if the net line is broken downwards to a minimum 10% correction or worse. Inverted yields always lead to recession...
Energy remains the only up-trending sector. AMEX:XLE
AMEX:XLC is the cleanest dirty shirt with an inside month.
Overall, not a good look of the market with the 3 remaining days of the ugly month of September NASDAQ:QQQ AMEX:IWM AMEX:RSP NASDAQ:QQEW
Publishing the RSP chart, for the equal weighted SP500 to track how it moves. This broke down its wedge like structure, and is now approaching its near term support.
Failure to hold that 140ish range and you would expect it to revisit 129-133.
Personally expecting a bounce around 141, revisit to 146 before it breaks down and revisits the 2022 low area around...
AMEX:RSP is very interesting here and I have started a full-size position as I can easily define my risk with a stop just under the most recent daily low.
See chart for notations. Ideas, not investing / trading advice. Comments always welcome. Thanks for looking.
AMEX:RSP This chart becomes significantly crucial if the trend line is breached. "trend line break" refers to a situation where the price of an asset moves beyond or crosses over a trend line that has been drawn on a price chart. Trend lines are used to represent the direction and strength of a trend in a market. A trend line break can signal a potential change...
Looks like the idea of BTD (Buy the Dip) is still in place.
IMO not enough EUPHORIA for "crash" (like many are calling).
AMEX:RSP (equal weight SP:SPX ) was outperforming AMEX:SPY but that is no longer the case as of yesterday.
TVC:RUT AMEX:IWM also lagging but the chances are that it will likely catch up in time.
#stocks
The weekly chart (on the bottom) shows that SPY and RSP were highly correlated until early March. After March, we have seen the two separate in YTD returns. The correlation coefficient confirms this break in trading. The breakdown in correlation between the RSP and SPY is most evident between May and June when RSP lost value and SPY gained value.
In the last...
