ProShares Short S&P500 ETF Forecast

ProShares Short S&P500 ETF price down 1.21% on Friday
(Updated on May 03, 2024)

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 $12.35. On a fall, the ETF will find some support from the long-term average at approximately $12.17. 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. 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 -2.86%. Further fall is indicated until a new bottom pivot has been found. Furthermore, there is currently a sell signal from the 3 month Moving Average Convergence Divergence (MACD). 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 $12.19 and this level may hold a buying opportunity as an upwards reaction can be expected when the support is being tested.

In general the ETF tends to have very controlled movements and with good liquidity the risk is considered very low in this stock. During the last day, the ETF moved $0.110 between high and low, or 0.90%. For the last week the ETF has had daily average volatility of 1.22%.

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 Monday 6th

For the upcoming trading day on Monday, 6th we expect ProShares Short S&P500 to open at $12.24, and during the day (based on 14 day Average True Range), to move between $12.07 and $12.39, which gives a possible trading interval of +/-$0.156 (+/-1.28%) 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 2.55% move between the lowest and the highest trading price during the day.

Since the stock is closer to the resistance from accumulated volume at $12.27 (0.33%) than the support at $12.19 (0.33%), our systems don't find the trading risk/reward intra-day attractive and any bets should be held until the stock is closer to the support level.

Is ProShares Short S&P500 ETF A Buy?

ProShares Short S&P500 holds several negative signals and is within a falling trend, so we believe it will still perform weakly in the next couple of days or weeks. We therefore hold a negative evaluation of this ETF.

Current score: -2.706 Sell Candidate Unchanged

Predicted Opening Price for ProShares Short S&P500 of Monday, May 6, 2024

The predicted opening price is based on yesterday's movements between high, low, and closing price.