ProShares Short S&P500 ETF Forecast
Red day on Wednesday for ProShares Short S&P500
(Updated on Apr 24, 2024)
The ProShares Short S&P500 ETF price fell by -0.0810% on the last day (Wednesday, 24th Apr 2024) from $12.34 to $12.33. It has now fallen 3 days in a row. During the last trading day the ETF fluctuated 0.89% from a day low at $12.29 to a day high of $12.40. The price has risen in 6 of the last 10 days and is up by 1.99% over the past 2 weeks. Volume has increased on the last day by 2 million shares but on falling prices. This may be an early warning and the risk will be increased slightly over the next couple of days. In total, 18 million shares were bought and sold for approximately $222.32 million.
The ETF lies in the middle of a falling trend in the short term and further fall within the trend is signaled. Given the current short-term trend, the ETF is expected to fall -4.15% during the next 3 months and, with a 90% probability hold a price between $11.20 and $12.04 at the end of this 3-month period. Do note, that if the stock price manages to stay at current levels or higher, our prediction target will start to change positively over the next few days as the conditions for the current predictions will be broken.
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SH Signals & Forecast
The ProShares Short S&P500 ETF holds a sell signal from the short-term Moving Average; at the same time, however, there is a buy signal from the long-term average. Since the short-term average is above the long-term average there is a general buy signal in the ETF giving a positive forecast for the stock. On further gains, the ETF will meet resistance from the short-term Moving Average at approximately $12.43. On a fall, the ETF will find some support from the long-term average at approximately $12.14. A break-up through the short-term average will send a buy signal, whereas a breakdown through the long-term average will send a sell signal. Furthermore, there is a buy signal from the 3 month Moving Average Convergence Divergence (MACD). Some negative signals were issued as well, and these may have some influence on the near short-term development. A sell signal was issued from a pivot top point on Friday, April 19, 2024, and so far it has fallen -2.07%. Further fall is indicated until a new bottom pivot has been found. Volume rose on falling prices yesterday. This may be an early warning and the ETF should be followed more closely.
Support, Risk & Stop-loss for ProShares Short S&P500 ETF
ProShares Short S&P500 finds support from accumulated volume at $12.30 and this level may hold a buying opportunity as an upwards reaction can be expected when the support is being tested.
This ETF is usually traded at a good volume, and with minor daily changes, the risk is considered to be low. During the last day, the ETF moved $0.110 (0.89%) between high and low. For the last week, the ETF has had daily average volatility of 1.15%.
Our recommended stop-loss: We hold a negative evaluation for this stock. No stop-loss is set.
Trading Expectations (SH) For The Upcoming Trading Day Of Thursday 25th
For the upcoming trading day on Thursday, 25th we expect ProShares Short S&P500 to open at $12.34, and during the day (based on 14 day Average True Range), to move between $12.19 and $12.47, which gives a possible trading interval of +/-$0.145 (+/-1.18%) up or down from last closing price. If ProShares Short S&P500 takes out the full calculated possible swing range there will be an estimated 2.35% move between the lowest and the highest trading price during the day.
Since the stock is closer to the support from accumulated volume at $12.30 (0.24%) than the resistance at $12.44 (0.89%), our systems sees the trading risk/reward intra-day as attractive and believe profit can be made before the stock reaches first resistance..
Is ProShares Short S&P500 ETF A Buy?
ProShares Short S&P500 holds several negative signals and we believe that it will still perform weakly in the next couple of days or weeks. We, therefore, hold a negative evaluation of this ETF.
Current score: -2.256 Sell Candidate Unchanged
Predicted Opening Price for ProShares Short S&P500 of Thursday, April 25, 2024
| Fair opening price April 25, 2024 | Current price |
|---|---|
| $12.34 ( 0.0814%) | $12.33 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for SH
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 12.45 | 0.97 % | |
| R2 | 12.41 | 0.632 % | ||
| R1 | 12.38 | 0.422 % | ||
| Current price: | 12.33 | |||
| Support | S1 | 12.30 | -0.259 % | |
| S2 | 12.27 | -0.469 % | ||
| S3 | 12.23 | -0.81 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 12.59 | 2.11 % | |
| R2 | 12.49 | 1.30 % | ||
| R1 | 12.44 | 0.89 % | ||
| Current price | 12.33 | |||
| Support | S1 | 12.30 | -0.243% | |
| S2 | 12.27 | -0.487% | ||
| S3 | 12.19 | -1.14% |
SH Dividend Payout History
| # | Ex-Date | Pay Date | Amount | Yield | |
|---|---|---|---|---|---|
| 1 | Mar 20, 2024 | Mar 20, 2024 | Mar 27, 2024 | $0.142 | 1.20% |
| 2 | Dec 20, 2023 | Dec 20, 2023 | Dec 20, 2023 | $0.236 | 1.79% |
| 3 | Jan 06, 2023 | Sep 20, 2023 | Sep 27, 2023 | $0.165 | 1.14% |
| 4 | Jan 06, 2023 | Jun 21, 2023 | Jun 28, 2023 | $0.175 | 1.24% |
| 5 | Jan 06, 2023 | Mar 22, 2023 | Mar 29, 2023 | $0.122 | 0.798% |
FAQ
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