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SPDR S&P 500 ETF TRUST
Updated

SPY vs RSP

171
SPY/RSP (equal weighted SPX)
  • Reached 2008 levels, surpassing already the 2020 spike.
  • Massive RSI divergence on the monthly chart.
  • RSI as of writing: monthly at 75, weekly at 73, and daily at 81. Very overbought despite the strong momentum.


Note
nearing all time highs, the uptrend has fallen heavily due to a rotation from megacap to mid and small caps.
level to watch: 3.27
Note
rotation has driven the price to the support line and bounced. We could have 2 scenarios:
- megacaps could fall rapidly due to higher volatility in a bearish scenario for both RSP and SPX, throwing the price to 2.08 level
- if a rare event should happen (credit events, war, cyber attacks, etc), we could witness a hike to new highs in pursue of big names to protect portfolios
Note
after the crash, failing to make higher lows, downtrend is on
j_arrieta
Also on:
Chart PatternsTechnical IndicatorsTrend Analysis

Disclaimer

The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Chart PatternsTechnical IndicatorsTrend Analysis
j_arrieta
Also on:

Disclaimer

The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.