Equal-weighted S&P 500 ETF hits 'golden cross' as oil, small caps near bullish shifts, but trails broader market gains
• Equal-weighted S&P 500 index ETF (RSP) achieved a “golden cross” technical indicator, signaling a potential shift to a longer-term uptrend
• RSP has rallied 16% since November 1st, outpacing the market cap-weighted S&P 500
• Other assets like crude oil futures, small-cap stocks, the Euro, and European stocks are nearing similar golden cross indicators
• However, the traditional S&P 500 is still substantially outperforming RSP in 2023, up 24.4% vs 11.9%
• Major European bond yields are approaching “death crosses,” which signal a potential shift to longer-term downtrends