New Up-Leg for UltraShort SPY?

New Upleg for UltraShort SPY?
By Mike Paulenoff,

My extreme near-term work is starting to give me very preliminary indications that the ProShares UltraShort SPY (SDS) has seen its worst levels of the session and that it is in the process of turning up after the conclusion of the decline from Monday's high at 84.27 into this morning's low at 76.16. Although my micro work leaves open a scenario that calls for one more loop down to 76.00, if the current rebound manages to climb above 78.50/80, I will no longer expect a retest of 76.00. Instead, the SDS will be telling us that a new upleg is in progress that should thrust right to test the Jan-Feb resistance line, now at 83.30.

  • Action-Oriented Trade Set-Ups in Stocks & ETFs
  • Macro Analysis of the Broader Markets
  • Detailed Technical Guidance for each Trading Idea
  • Live Interaction w/ Mike & Our Member Community
  • And Much, Much More!
Join Now! - Special Offer!
Veteran Wall Street analyst and financial author, Mike provides detailed and timely analysis and trade set-ups on a range of markets. Read more...

Have Mike's “Out Front” morning analysis delivered FREE to your email inbox twice weekly!