More charts today from market technician Chris Kimble. The first chart is a simple trend line on the Rydex S&P Equal Weight ETF (RSP), which is breaking above two resistance lines on its second attempt this year. One is the down trend since the 2007 high and the other is a price that has alternated between support and resistance since the summer of 2005. Interesting and rather optimistic, but I doubt Chris wants us to take the length of that directional arrow literally.

The second chart is far more complex, with references to Fibonacci patterns (a Fibonacci expansion, no less!). And it's probably more controversial as well, especially for you gold bugs. Chris shows that gold is dancing on dizzy support (that nearly vertical red line). Of course, this is a 30-year chart, so don't look for an overnight reversal. That said, here's a gold forecast (should I say bold forecast?) from Dennis Gartman, courtesy of BusinessInsider.com.

But back to the simpler stuff. The third chart features the outperformance of the equal weight RSP (top chart) over a capitalization weighted ETF, iShares S&P 500 Index (IVV), since the index low a year ago. I don't want to stir up debate about cap-weighted versus equal weighting. There are compelling arguments on both sides. But over the past year, the equal weighters have a comfortable lead.