Can RSP Reverse its Relative Downtrend? π The Chart Report
Chart of the Day
π Today's Chart of the Day was shared by Broc Losing.
The Equal Weight S&P 500 (RSP) is testing its pivot lows against its cap-weighted counterpart after recently matching its longest weekly relative losing streak since 2008.
In our morning note we wrote about how the S&P 500 Ex-Tech ETF (SPXT) was unable to hold its prior highs, and since the March lows, the percentage of S&P 500 Tech stocks outperforming the broader index has climbed to its highest levels in recent years.
Meanwhile, the percentage of S&P 500 stocks outperforming the index over the past two months is at its third-lowest reading since 1972, underscoring the extreme gap between tech leadership and the rest of the market.
The Takeaway: The dispersion among technology and the rest of the market has rarely been wider, as the Equal Weight S&P 500 tests a critical relative support level.
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