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.

What, if anything, is SVXY saying about the decline in ES, and SPY?

Cash VIX has popped from yesterday's low at 9.66 to 11.25 this morning.

Let's notice that the ​ProShares Short VIX Short-Term Futures (SVXY) has reversed sharply off of Tuesday's new all-time high at 156.60, and this AM spiked to 148.37 prior to recovering to 151.40 or so.

More important is the damage the weakness has inflicted to the 4 week uptrend, with a violation of 153.50, which now becomes key near-term resistance (up to 155.30) in the event of afternoon recovery strength.

In the absence of a rally above 153.50-155.30, SVXY will remain vulnerable to a press that confronts the prior pullback low at 145.83, which, if violated and sustained, has the potential to trigger a plunge to 134-130 rather quickly.

  • 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!