The S&P 500 Equal Weight Index ($RSP) has experienced a notable increase, rising by 0.79% on January 16, 2025, marking its best performance against the S&P 500 Index ($SPY) since July 2024. This upward trend is characterized by a bullish engulfing candle forming on the weekly chart, with the index achieving a six-week relative high. The S&P 500 itself also showed strength, with a weekly gain of 3%, the best since the week of the 2024 Election. Analysts noted that sectors such as utilities and real estate investment trusts (REITs) performed well, alongside a rally in natural gas and a decline in oil prices. Market observers are closely watching the $117.6 level as a potential resistance point for $RSP.