Equal Weight S&P 500 Looks to Break Above Key Fibonacci Extension Level
Chris Kimble | Mar 07, 2024 02:02AM ET
The latest stock market rally has taken several key indexes to new highs.
One such index is the Equal Weight S&P 500. While this is bullish, today’s long-term “monthly” chart of the Equal Weight S&P 500 ETF (NYSE:RSP) shows the price running into a big Fibonacci resistance level.
As you can see, the Equal-weight S&P 500 closed right at its 161% Fibonacci extension level last month.
It will be very interesting to see what type of pattern we see developing this month. Breakout? Or bearish reversal lower?
What happens next should send an important message to stocks.
Get The News You Want
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.