Invesco S&P 500 Equal Weight Consumer Staples ETF

  • RSPS

  • $31

  • +1.13%

  • $31

  • $31

  • $31

Ticker Appearances

Fri, March 8, 2024 | 3:24PM ET
Mark
Mark L. Newton, CMT AC

Head of Technical Strategy
Fri, March 8, 2024 | 3:24PM ET
Sharp gains in REITS today, the Best performing sector for Friday's session with one hour remaining in the day, along with Utilities and Consumer Staples, the latter shown below in relative terms to SPX. Staples has now advanced for four straight weeks and the Equal-weighted Consumer Staples ETF (RHS) is set to make the highest weekly close since last Fall, exceeding a level of resistance that has held since last December. As seen in ratio charts of RHS to RSP 1.43%  the Equal-weighted versions of Staples relative to SPX, there now are 2 weekly DeMark based Buy signals on the Consumer staples following its plunge to multi-year lows in recent months. While Technically difficult to have lots of optimism about a sector at new yearly lows trying to bottom out, it will be important to keep an eye on Staples which has made a minor breakout in absolute terms, while REITS and Utilities are getting closer. Movement back up above late 2021 former lows would also help Staples exceed the downtrend from early last year and would be a buy signal on the sector, which might happen at some point this Spring. At present, it's worth pointing out that after 9 of the last 10 months lower relative to SPX, there are some "early warning" signs based on exhaustion signals (which are present now on weekly and monthly basis) that might lead to a bottom in Consumer Staples
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