RPG dominated by bulls lifting the market higher throughout the day


Invesco S&P 500 Pure Growth (RPG) Technical Analysis Report for Jun 30, 2020 | by Techniquant Editorial Team

Highlights

RPG breaks back above 20-day moving average
RPG dominated by bulls lifting the market higher throughout the day
RPG closes higher for the 2nd day in a row
RPG pushes through Monday's high

Overview

Moving higher for the 2nd day in a row, RPG ended the month 2.55% higher at 129.49 after gaining $2.12 (1.66%) today on high volume. The bulls were in full control today, moving the market higher throughout the whole session. Closing above Monday's high at 127.37, the market confirmed its breakout through the previous session high after trading up to $2.69 above it intraday.

Daily Candlestick Chart (RPG as at Jun 30, 2020):

Daily technical analysis candlestick chart for Invesco S&P 500 Pure Growth (RPG) as at Jun 30, 2020

Tuesday's trading range has been $2.73 (2.14%), that's slightly above the last trading month's daily average range of $2.56. Things look different on the weekly timeframe, where the market's trading range of the last week has been slightly below the market's average weekly trading range. The longer-term, monthly volatility is currently slightly lower than usual for RPG.

Two candlestick patterns are matching today's price action, the Bullish Belt-hold and the White Candle which are both known as bullish patterns.

The ETF managed to close back above the 20-day moving average at 129.24 for the first time since June 23rd. When this moving average was crossed above the last time on June 15th, RPG gained 2.11% on the following trading day.

Invesco S&P shows weakness in the short-term (in accordance with its long-term downtrend) with only the medium-term trend still being bullish.

Buying might accelerate should prices move above the nearby swing high at 132.06 where further buy stops could get activated. As prices are trading close to June's high at 132.82, upside momentum might speed up should RPG mark new highs for the month.

Among the eight market conditions that our pattern recognition engine identified today, the statistics for the Price Action based market condition "2 Consecutive Higher Closes" stand out. Its common bullish interpretation has been confirmed for Invesco S&P. Out of 343 times, RPG closed higher 54.52% of the time on the next trading day after the market condition occurred. The optimal exit for swing trading this condition on the long side has been after 10 trading days, showing a win rate of 65.31% with an average market move of 0.62%.


Market Conditions for RPG as at Jun 30, 2020

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