$RSP S&P 500 Equal Weight ETF – Trading Range AnalysisInvesco S&P 500 Equal Weight ETFAMEX:RSPBrent_CalverOverview Since June 24th, I have maintained a position in the RSP S&P 500 Equal Weight ETF. My decision to enter this position was based on two primary factors. First, the ETF had consolidated following a significant upward move from its previous bottom, presenting an attractive risk-reward opportunity for a stop-loss placement. Second, I anticipated that the ongoing bull market would broaden, benefiting a wider array of stocks. As an equal weight ETF, RSP offers exposure to smaller companies that could potentially deliver larger gains. This approach also serves to diversify risk across numerous companies. Current Trading Range Beginning in mid-August, RSP appears to have entered a trading range, with its price movement predominantly sideways since then. Despite this period of consolidation, I remain optimistic that, should the bull market continue, RSP will eventually break out above its current range. Position Management Strategy At present, my allocation to RSP is at its usual full position size. However, I am prepared to increase my exposure and potentially oversize the position if the ETF breaks above the trading range, which would occur around the $192.00 level. For those considering a new position, it may be prudent to wait for a close above the 50-day moving average (DMA), as indicated by the red line. This setup could present a favorable risk-reward scenario, with a stop placed below the most recent low. Considerations for Traders Although RSP is not currently offering a setup that meets the criteria for action within this trading strategy, it may be worthwhile to add the ETF to your watchlist. It is important for all readers to conduct their own analysis and consistently adhere to their personal trading rules. Remember, all investments carry inherent risk, and making informed decisions is essential when allocating capital.