Will S&P 500 Double Top Derail The Rally?

Chris Kimble

The rally off the December stock market lows has been strong, to say the least.

The S&P 500 rallied 25 percent before hitting and testing the 2018 high.

The old highs proved to be formidable resistance and ushered in some volatility in May… and a 5 percent pullback.

In today’s 2-pack, we look at that resistance level – could that be a double top? We can see similar patterns develop on the S&P 500 Index and its Equal Weight counterpart.

Both indexes are testing short-term Fibonacci retracement levels of the recent decline at point (2).

What takes place here after potential double top highs will be important. Stay tuned!

S&P 500 Index vs S&P 500 Equal Weight Index

s&p 500 index double top equal weight bearish investing news analysis year 2019

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