RSP dominated by bulls lifting the market higher throughout the day

Guggenheim S&P 500 Equal Weight ETF (RSP) Technical Analysis Report for Mar 26, 2020 | by Techniquant Editorial Team


RSP dominated by bulls lifting the market higher throughout the day
RSP closes higher for the 3rd day in a row
RSP pushes through Wednesday's high


Moving higher for the 3rd day in a row, RSP finished Thursday at 85.98 gaining $4.68 (5.76%). The bulls were in full control today, moving the market higher throughout the whole session. Closing above Wednesday's high at 84.42, the ETF confirmed its breakout through the previous session high after trading up to $2.16 above it intraday.

Daily Candlestick Chart (RSP as at Mar 26, 2020):

Daily technical analysis candlestick chart for Guggenheim S&P 500 Equal Weight ETF (RSP) as at Mar 26, 2020

Thursday's trading range has been $4.47 (5.44%), that's slightly below the last trading month's daily average range of $4.96. Things look different on the weekly timeframe, where the market's trading range of the last week has been slightly above the market's average weekly trading range. The longer-term, monthly volatility is currently strongly higher than usual for RSP.

One bullish candlestick pattern matches today's price action, the White Candle. The last time a White Candle showed up on Tuesday, RSP gained 2.51% on the following trading day.

Prices are trading close to the key technical resistance level at 90.53 (R1).

While the market is experiencing a short-term uptrend, this might just be a correction, as both the medium and long-term trends are still bearish.

Among the seven market conditions that our pattern recognition engine identified today, the statistics for the Price Action based market condition "Decisive Up Move" stand out. Its common bullish interpretation has been confirmed for RSP. Out of 406 times, RSP closed higher 54.68% 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 63.55% with an average market move of 0.28%.

Market Conditions for RSP as at Mar 26, 2020

Loading Market Conditions for RSP (Guggenheim S&P 500 Equal Weight ETF)...
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