UVXY Rally Argues for Lower SPX Prices

UVXY-- once again is pushing up against multi-month resistance (7 month to be exact), amid an extremely impactful accumulation pattern that if unleashed, will project upside potential to targets at 90-93 and if taken out, to 105-110 thereafter. The UVXY set-up argues for considerably lower S&P futures prices, right as investors gain confidence that "the Fed will do the right thing, which will support the markets."

At this juncture, only a decline that breaks and sustains beneath nearest support at 65.00 will temporarily neutralize and stall the pent-up inertia exhibited by UVXY.

Last is 70.68/69

12 17 UVXY 210 GIF
12 17 UVXY 210 GIF

  • 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!