RSP at risk to break key support

The Invesco S&P 500 Equal Weight ETF (RSP) is at risk to break below key support near 185 (rising 26-week moving average and early October bearish engulfing pattern low). Sustaining this breakdown would confirm the two weekly bearish engulfing patterns that formed in October and put in a late August into mid November topping pattern to suggest deeper downside risk to 180.57 (rising 40-week moving average), 177.75 (top pattern count), and 176.29 (38.2% retracement of the April-October rally).

The immediate pattern remains challenged below the declining 13-week moving average near 188.24.

Chart 1: Invesco S&P 500 Equal Weight ETF (RSP)