After 40 years of charting stocks and funds, when I see a chart that looks like the one below, I often don’t even care about the ticker. To technical analysts, a chart is a chart. We can combine our views of many different charts at the same point in time to evaluate the broader market.
It turns out this is the chart of the Invesco S&P 500 Equal Weight ETF (RSP), which I view as an ETF that tells us how the average S&P 500 Index ($SPX) stock is doing. In a market this top-heavy, RSP is as important an indicator to me of market health as any. And it is in big trouble.
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