Mike's Mid Day Minute is available to members on Monday, Wednesday & Friday evenings, with one article per week available to non-members. Members please login and see "Mike's Mid Day Minute" in the navigation menu towards the top of the page.

VIX Derivative UVXY is Acting Relatively Strong. Is it Sending a Message About the Underlying Health of the SPX Heading into 2015?


 

 

The ProShares Ultra VIX Short-Term Fut ETF (UVXY) continues to carve out what appears to be a rounded base formation at the tail end of a Dec decline from 33.14 to 20.00 (-40%).

That said, to confirm the completion of the base, UVXY must hurdle and sustain above 21.80, which will trigger upside follow-through projections in to the 24.00 area initially.

In the absence of a sustained climb above 21.80, “the base” could actually be a bearish consolidation pattern in disguise, especially if 20.00 is violated on a closing basis.

  • 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!