Rydex S&P Equal Weight (RSP) Chart – May 19, 2009

I charted RSP on 5/19/09 after it closed for the day at $30.75. 

• RSP broke below two recent trend lines of higher lows, but regained its footing
• RSP fell below its 10 and 20 day moving averages, but also regained its footing above those lines
• Williams %R is in no man’s land right now, but RSP seems to be losing momentum

Opinion = I would’ve thought that RSP would have lost ground quicker after breaking trend lines and moving averages and Williams %R, but it didn’t.  RSP is probably a better one to watch for which direction it’s going to take in the near future instead of trying to make a risky trade at this point.  Although RSP went up far and fast it has had a recent 10% correction from its intraday high and that might be enough to give it a new base to build off of.