RSP closes higher for the 2nd day in a row


Guggenheim S&P 500 Equal Weight ETF (RSP) Technical Analysis Report for Jun 30, 2020 | by Techniquant Editorial Team

Highlights

RSP closes higher for the 2nd day in a row
RSP pushes through Monday's high

Overview

Moving higher for the 2nd day in a row, RSP ended the month 1.04% higher at 101.76 after gaining $1.36 (1.35%) today. Closing above Monday's high at 100.50, the ETF confirmed its breakout through the prior session high after trading up to $1.80 above it intraday.

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

Daily technical analysis candlestick chart for Guggenheim S&P 500 Equal Weight ETF (RSP) as at Jun 30, 2020

Tuesday's trading range has been $2.24 (2.23%), that's slightly below the last trading month's daily average range of $2.53. Weekly volatility is also lower, being way below the market's average weekly trading range. The longer-term, monthly volatility is currently lower than usual for RSP.

One bullish candlestick pattern matches today's price action, the White Candle.

The market shows weakness in the short-term (in accordance with its long-term downtrend) with only the medium-term trend still being bullish.

Buying could speed up should prices move above the close-by swing high at 103.99 where further buy stops might get activated.

Among the four 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 RSP. Out of 345 times, RSP closed higher 55.94% 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 63.77% with an average market move of 0.54%.


Market Conditions for RSP as at Jun 30, 2020

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