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Caleb Franzen observes that the equal-weight S&P 500 (RSP) has maintained its cup and handle breakout, signaling continued bullish momentum in the market.
Franzen describes this as a valid "breakout, retest, rebound" setup, suggesting that a market cooldown and subsequent retest of the former resistance could confirm further strength. He highlights the importance of watching the 161.8% level.
Franzen has also discussed recent large-scale ETF moves, noting that BlackRock clients sold $190 million in IBIT ETF holdings in separate transactions. In a separate analysis, he described how pullbacks in bull markets and rallies in bear markets are natural phases in market cycles. These observations provide additional context for his current market outlook.