Chart of the Day - Friday, June 2, 2023

$RSP
S&P500 equally weighted...
Taking your breath away to solve the breadth issue...
GAP on VOLUME out of the channel and clipping the 200days MAV
RSI never confirmed the lows of the channel. pic.twitter.com/fhm3OPWxOD

— conradseric, CMT, CAIA, CEFA (@conradseric) June 2, 2023

Today’s Chart of the Day was shared by Eric Conrads (@conradseric). Breadth has been one of the biggest threats to the bull case recently. However, the equally weighted S&P 500 ETF, $RSP, made quite a stand today. Eric points out that $RSP smashed above its 200-day moving average on record high volume. It's also constructive to see that RSI never reached oversold conditions (bottom pane). What will the bears complain about next if breadth starts to improve?