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[PIK]

Looking at the equal weight S&P500 gives some areas where prices can expect to find support if a pullback occurs from here. The attached daily and weekly charts show price has moved its way up through key resistance levels. The weekly is showing a break of a declining tops line and the 2nd S/R area this past week. The weekly also shows that prices successfully tested S/R 1 earlier in the week which is now a key pivot point moving forward.

I'm not saying that we'll get a pullback, just that the equal weight, especially the weekly can give good longer term S/R levels to keep an eye on should a pullback occur to help keep things in perspective. Also, price relative to the cap weighted S&P 500 is also showing a positive correlation, confirming that the smaller cap stocks are continuing to lead here.


http://stockcharts.com/c-sc/sc?s=$SPX...92639&r=557

http://stockcharts.com/c-sc/sc?s=$SPX...86977&r=827