Direxion Daily S&P 500 Bear 1X Shares ETF Forecast
Direxion Daily S&P 500 Bear 1X Shares ETF price down 0.94% on Friday
(Updated on Apr 26, 2024)
The Direxion Daily S&P 500 Bear 1X Shares ETF price fell by -0.94% on the last day (Friday, 26th Apr 2024) from $12.73 to $12.61. During the last trading day the ETF fluctuated 0.795% from a day low at $12.57 to a day high of $12.67. The price has risen in 6 of the last 10 days and is up by 0.8% over the past 2 weeks. Volume fell on the last day along with the ETF, which is actually a good sign as volume should follow the ETF. On the last day, the trading volume fell by -1 million shares and in total, 5 million shares were bought and sold for approximately $58.44 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 -3.28% during the next 3 months and, with a 90% probability hold a price between $11.60 and $12.46 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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SPDN Signals & Forecast
The Direxion Daily S&P 500 Bear 1X Shares 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 $12.75. On a fall, the ETF will find some support from the long-term average at approximately $12.46. 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 -2.40%. Further fall is indicated until a new bottom pivot has been found. Volume fell together with the price during the last trading day and this reduces the overall risk as volume should follow the price movements.
Support, Risk & Stop-loss for Direxion Daily S&P 500 Bear 1X Shares ETF
Direxion Daily S&P 500 Bear 1X Shares finds support from accumulated volume at $12.51 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 $0.0999 between high and low, or 0.795%. For the last week the ETF has had daily average volatility of 1.06%.
Our recommended stop-loss: We hold a negative evaluation for this stock. No stop-loss is set.
Trading Expectations (SPDN) For The Upcoming Trading Day Of Monday 29th
For the upcoming trading day on Monday, 29th we expect Direxion Daily S&P 500 Bear 1X Shares to open at $12.62, and during the day (based on 14 day Average True Range), to move between $12.46 and $12.76, which gives a possible trading interval of +/-$0.151 (+/-1.20%) up or down from last closing price. If Direxion Daily S&P 500 Bear 1X Shares takes out the full calculated possible swing range there will be an estimated 2.40% move between the lowest and the highest trading price during the day.
Since the stock is closer to the resistance from accumulated volume at $12.67 (0.48%) than the support at $12.51 (0.79%), 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 Direxion Daily S&P 500 Bear 1X Shares ETF A Buy?
Direxion Daily S&P 500 Bear 1X Shares 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: -2.278 Sell Candidate Unchanged
Predicted Opening Price for Direxion Daily S&P 500 Bear 1X Shares of Monday, April 29, 2024
| Fair opening price April 29, 2024 | Current price |
|---|---|
| $12.62 ( 0.0531%) | $12.61 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for SPDN
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 12.72 | 0.85 % | |
| R2 | 12.68 | 0.543 % | ||
| R1 | 12.65 | 0.356 % | ||
| Current price: | 12.61 | |||
| Support | S1 | 12.58 | -0.249 % | |
| S2 | 12.55 | -0.436 % | ||
| S3 | 12.52 | -0.739 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 12.81 | 1.59 % | |
| R2 | 12.78 | 1.35 % | ||
| R1 | 12.67 | 0.476 % | ||
| Current price | 12.61 | |||
| Support | S1 | 12.51 | -0.793% | |
| S2 | 12.30 | -2.46% | ||
| S3 | 12.17 | -3.49% |
SPDN Dividend Payout History
| # | Ex-Date | Pay Date | Amount | Yield | |
|---|---|---|---|---|---|
| 1 | Jan 18, 2024 | Mar 19, 2024 | Mar 26, 2024 | $0.140 | 1.14% |
| 2 | Dec 21, 2023 | Dec 21, 2023 | Dec 21, 2023 | $0.212 | 1.59% |
| 3 | Mar 23, 2023 | Sep 19, 2023 | Sep 26, 2023 | $0.205 | 1.38% |
| 4 | Mar 23, 2023 | Jun 21, 2023 | Jun 28, 2023 | $0.265 | 1.83% |
| 5 | Mar 20, 2023 | Mar 21, 2023 | Mar 28, 2023 | $0.0940 | 0.587% |
FAQ
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