Direxion Daily S&P500 Bull 3X ETF Forecast
Green day on Tuesday for Direxion Daily S&P500 Bull 3X
(Updated on May 07, 2024)
The Direxion Daily S&P500 Bull 3X ETF price gained 0.379% on the last trading day (Tuesday, 7th May 2024), rising from $126.62 to $127.10. It has now gained 4 days in a row. It will be exciting to see whether it manages to continue gaining or take a minor break for the next few days. During the last trading day the ETF fluctuated 1.21% from a day low at $126.50 to a day high of $128.04. The price has risen in 6 of the last 10 days and is up by 6.35% over the past 2 weeks. Volume has increased on the last day along with the price, which is a positive technical sign, and, in total, 2 million more shares were traded than the day before. In total, 5 million shares were bought and sold for approximately $688.35 million.
The ETF is moving within a wide and horizontal trend and further movements within this trend can be expected. Given the current horizontal trend, you can expect Direxion Daily S&P500 Bull 3X ETF with a 90% probability to be traded between $112.70 and $134.47 at the end of this 3-month period. A break of a horizontal trend is often followed by a large increase in the volume, and ETFS seldom manage to go directly from the bottom of a trend up to the top. ETFS turning up in the middle of a horizontal trend are therefore considered to be potential runners.
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SPXL Signals & Forecast
Mostly positive signals in the chart today. The Direxion Daily S&P500 Bull 3X ETF holds buy signals from both short and long-term Moving Averages giving a positive forecast for the stock, but the ETF has a general sell signal from the relation between the two signals where the long-term average is above the short-term average. On corrections down, there will be some support from the lines at $121.32 and $125.00. A breakdown below any of these levels will issue sell signals. A buy signal was issued from a pivot bottom point on Friday, April 19, 2024, and so far it has risen 13.05%. Further rise is indicated until a new top pivot has been found. Furthermore, there is a buy signal from the 3 month Moving Average Convergence Divergence (MACD). Volume is rising along with the price. This is considered to be a good technical signal.
Support, Risk & Stop-loss for Direxion Daily S&P500 Bull 3X ETF
Direxion Daily S&P500 Bull 3X finds support from accumulated volume at $125.75 and this level may hold a buying opportunity as an upwards reaction can be expected when the support is being tested.
This ETF has average movements during the day and with good trading volume, the risk is considered to be medium. During the last day, the ETF moved $1.54 between high and low, or 1.21%. For the last week, the ETF has had daily average volatility of 2.84%.
Our recommended stop-loss: $122.40 (-3.70%) (This ETF has medium daily movements and this gives medium risk. There is a buy signal from a pivot bottom found 12 days ago.)
Trading Expectations (SPXL) For The Upcoming Trading Day Of Wednesday 8th
For the upcoming trading day on Wednesday, 8th we expect Direxion Daily S&P500 Bull 3X ETF to open at $127.21, and during the day (based on 14 day Average True Range), to move between $122.86 and $131.34, which gives a possible trading interval of +/-$4.24 (+/-3.33%) up or down from last closing price. If Direxion Daily S&P500 Bull 3X ETF takes out the full calculated possible swing range there will be an estimated 6.67% move between the lowest and the highest trading price during the day.
Since the stock is closer to the support from accumulated volume at $125.75 (1.06%) than the resistance at $129.39 (1.80%), 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&P500 Bull 3X ETF ETF A Buy?
Several short-term signals are positive and we conclude that the current level may hold a buying opportunity, as there is a fair chance for Direxion Daily S&P500 Bull 3X ETF to perform well in the short-term period.
Current score: 2.075 Buy Candidate Unchanged
Predicted Opening Price for Direxion Daily S&P500 Bull 3X ETF of Wednesday, May 8, 2024
| Fair opening price May 8, 2024 | Current price |
|---|---|
| $127.21 ( 0.0904%) | $127.10 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for SPXL
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 128.75 | 1.30 % | |
| R2 | 128.16 | 0.84 % | ||
| R1 | 127.80 | 0.552 % | ||
| Current price: | 127.10 | |||
| Support | S1 | 126.63 | -0.371 % | |
| S2 | 126.27 | -0.656 % | ||
| S3 | 125.68 | -1.12 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 132.45 | 4.21 % | |
| R2 | 129.87 | 2.18 % | ||
| R1 | 129.39 | 1.80 % | ||
| Current price | 127.10 | |||
| Support | S1 | 125.75 | -1.06% | |
| S2 | 114.51 | -9.91% | ||
| S3 | 112.43 | -11.54% |
SPXL Dividend Payout History
| # | Ex-Date | Pay Date | Amount | Yield | |
|---|---|---|---|---|---|
| 1 | Jan 18, 2024 | Mar 19, 2024 | Mar 26, 2024 | $0.395 | 0.302% |
| 2 | Dec 21, 2023 | Dec 21, 2023 | Dec 21, 2023 | $0.304 | 0.297% |
| 3 | Mar 23, 2023 | Sep 19, 2023 | Sep 26, 2023 | $0.194 | 0.250% |
| 4 | Mar 23, 2023 | Jun 21, 2023 | Jun 28, 2023 | $0.258 | 0.299% |
| 5 | Mar 20, 2023 | Mar 21, 2023 | Mar 28, 2023 | $0.262 | 0.396% |
FAQ
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