Breadth Breakout on the Horizon?
Hey, it’s Ross Givens here with the Chart of the Day. Today’s chart shows the Equal-Weight S&P 500 index – showing how the S&P 500 looks if every stock has equal weight, not by market cap. This cancels out the effect of dominant market leaders, providing a better gauge of market breadth. The chart shows a bullish wedge pattern forming, signaling a potential breakout higher. With the regular S&P 500 also rising, this rally appears to have real legs.
June 24, 2024
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