Chart of the Day – Wednesday, March 20, 2024

The equal-weight S&P 500 $RSP just had the highest daily close of all-time, gaining +0.84% today.

Looks like a classic “breakout, retest, rebound” setup on the former ATH’s. pic.twitter.com/HviHpPq0Dl

— Caleb Franzen (@CalebFranzen) March 20, 2024

Today’s Chart of the Day was shared by Caleb Franzen (@CalebFranzen).

• The S&P 500 closed at a record high for the second day in a row after digesting the latest from the Fed. Breadth was strong today with +80% upside volume on the NYSE.

• Caleb points out that the Equal-Weight S&P 500 ETF ($RSP) also closed at record highs today after successfully retesting the breakout level.

• This validates the recent strength in the S&P 500 as it shows broad participation beneath its surface. The star players (Mega-Caps) continue to lead, but the rest of the team is finally participating.

The takeaway: The S&P 500 is printing record highs as participation improves beneath its surface.