$Invesco S&P 500 Eq Wgt ETF(RSP.US) is breaking out on a weekly candle.
Do you know what this actually means? $SPDR S&P 500(SPY.US) only tells us a one dimensional picture because it is completely dominated by the top 10 mega caps like $Apple(AAPL.US) $NVIDIA(NVDA.US) $Alphabet(GOOGL.US) etc. The equal weight chart clearing resistance proves this rally is finally widening out to the rest of the market, not just AI names. Look at where capital is flowing right now:Tech & AI: Semi names like $AMD(AMD.US) and $Broadcom(AVGO.US) are keeping the AI names trend intact.Non-AI & Cyclicals: Strong setups emerging into industrials and materials like $Alcoa(AA.US), $Caterpillar(CAT.US) and $Freeport Mcmoran(FCX.US).Start looking for clean setups in the other 450 stocks where you can actually define your risk. AI names are getting extended and exhausted.
The copyright of this article belongs to the original author/organization.
The views expressed herein are solely those of the author and do not reflect the stance of the platform. The content is intended for investment reference purposes only and shall not be considered as investment advice. Please contact us if you have any questions or suggestions regarding the content services provided by the platform.
Post your comment
No Comments