$SPX (S&P 500) vs $RSP (S&P 500 Equal Weight)

SPX fell further with a loss of -1.58% last week, driven primarily by worsening Russia-Ukraine developments. Risk sentiment was further pressured by disappointing growth-stock earnings reactions and lingering concerns about a Fed policy mistake. 10 of the 11 S&P 500 sectors ended the week in negative territory.

With a considerable loss of -1.58% over the week, improved posture in weekly market breath is actually observed as below;

% of Stocks Above 200 DMA = 34.29% (+0.03%)
% of Stocks Above 50 DMA = 35.54% (-0.14%)
SPX remains resisted by a Downtrend Line, along with its 200-day moving average.

The immediate support to watch for SPX this week remains at 4,320 level. A breach of 4,320 level would be concerning in mid-term as it would confirm the establishment of a downtrend channel (lower highs, lower lows) on SPX.