S&P 500 Equal Weighted Index Retesting Break Out Point

The S&P 500 equal-weighted index is retesting its breakout point at 8306 after initial selling pressure. The market has bounced off support levels on the 60-minute chart, with potential bullish implications if it breaks above prior highs. Meanwhile, Q2 GDP estimates have declined to 3.3% from 4.3%, while earnings growth remains strong at nearly 30% for Q1 with Q2 estimates at 23% growth.