Direxion Daily S&P 500 Bear 1X Shares ETF Forecast

Red day on Friday for Direxion Daily S&P 500 Bear 1X Shares
(Updated on May 24, 2024)

SPDN Signals & Forecast

A buy signal was issued from a pivot bottom point on Wednesday, May 15, 2024, and so far it has risen 0.494%. Further rise is indicated until a new top pivot has been found. Some negative signals were issued as well, and these may have some influence on the near short-term development. The Direxion Daily S&P 500 Bear 1X Shares ETF holds a buy signal from the short-term Moving Average; at the same time, however, the long-term average holds a general sell signal. Since the longterm average is above the short-term average there is a general sell signal in the ETF giving a more negative forecast for the stock. On further gains, the ETF will meet resistance from the long-term Moving Average at $12.48. On a fall, the ETF will find some support from the short-term average at $12.18. A break-up through the long-term average will give another buy signal, while a fall below the short-term average will add another sell signal and strengthen the general signal. Furthermore, there is currently a sell signal from the 3 month Moving Average Convergence Divergence (MACD). Volume fell together with the price during the last trading day and this reduces the overall risk as volume should follow the price movements.

Buy

Special Signal Notification

Double Bottom Formation

A buy signal from a double bottom formation was found on Wednesday, May 15, 2024 and based on theory for this formation the price should go up by 11.87% to $13.65 within 38 trading days since signal was issued (Tuesday, May 28, 2024).

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 $12.17 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 $0.0761 between high and low, or 0.625%. For the last week the ETF has had daily average volatility of 0.785%.

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 Tuesday 28th

For the upcoming trading day on Tuesday, 28th we expect Direxion Daily S&P 500 Bear 1X Shares to open at $12.21, and during the day (based on 14 day Average True Range), to move between $12.09 and $12.31, which gives a possible trading interval of +/-$0.112 (+/-0.92%) 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 1.83% move between the lowest and the highest trading price during the day.

Since the stock is closer to the support from accumulated volume at $12.17 (0.25%) than the resistance at $12.41 (1.72%), our systems sees the trading risk/reward intra-day as attractive and believe profit can be made before the stock reaches first resistance..

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: -3.343 Sell Candidate Unchanged

Predicted Opening Price for Direxion Daily S&P 500 Bear 1X Shares of Tuesday, May 28, 2024

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