ProShares UltraPro Short S&P500 ETF Forecast
ProShares UltraPro Short S&P500 ETF price up 1.14% on Wednesday
(Updated on May 01, 2024)
The ProShares UltraPro Short S&P500 ETF price gained 1.14% on the last trading day (Wednesday, 1st May 2024), rising from $36.85 to $37.27. During the last trading day the ETF fluctuated 5.15% from a day low at $35.50 to a day high of $37.33. The price has risen in 6 of the last 10 days and is up by 0.54% 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, 3 million more shares were traded than the day before. In total, 8 million shares were bought and sold for approximately $311.49 million.
The ETF lies in the upper part of a very wide and strong rising trend in the short term, and this may normally pose a very good selling opportunity for the short-term trader as reaction back towards the lower part of the trend can be expected. A break-up at the top trend line at $42.58 will firstly indicate a stronger rate of rising. Given the current short-term trend, the ETF is expected to rise 313.20% during the next 3 months and, with a 90% probability hold a price between $62.42 and $175.95 at the end of this 3-month period.
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SPXU Signals & Forecast
The ProShares UltraPro Short S&P500 ETF holds buy signals from both short and long-term Moving Averages giving a positive forecast for the stock. Also, there is a general buy signal from the relation between the two signals where the short-term average is above the long-term average. On corrections down, there will be some support from the lines at $36.19 and $20.15. A breakdown below any of these levels will issue sell signals. Volume is rising along with the price. This is considered to be a good technical 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 -2.82%. 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).
Support, Risk & Stop-loss for ProShares UltraPro Short S&P500 ETF
ProShares UltraPro Short S&P500 finds support from accumulated volume at $36.38 and this level may hold a buying opportunity as an upwards reaction can be expected when the support is being tested.
This ETF may move very much during the day (volatility) and with a very large prediction interval from the Bollinger Band this ETF is considered to be "very high risk". During the last day, the ETF moved $1.83 between high and low, or 5.15%. For the last week, the ETF has had daily average volatility of 3.65%.
Our recommended stop-loss: $35.65 (-4.34%) (This ETF has very high daily movements and this gives very high risk. There is a sell signal from a pivot top found 8 days ago.)
Trading Expectations (SPXU) For The Upcoming Trading Day Of Thursday 2nd
For the upcoming trading day on Thursday, 2nd we expect ProShares UltraPro Short S&P500 to open at $36.70, and during the day (based on 14 day Average True Range), to move between $35.58 and $38.96, which gives a possible trading interval of +/-$1.69 (+/-4.55%) up or down from last closing price. If ProShares UltraPro Short S&P500 takes out the full calculated possible swing range there will be an estimated 9.09% move between the lowest and the highest trading price during the day.
Since the stock is closer to the resistance from accumulated volume at $37.32 (0.13%) than the support at $36.38 (2.39%), 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 UltraPro Short S&P500 ETF A Buy?
Several short-term signals, along with a general good trend, are positive and we conclude that the current level may hold a buying opportunity as there is a fair chance for ProShares UltraPro Short S&P500 ETF to perform well in the short-term.
Current score: 3.699 Buy Candidate Unchanged
Predicted Opening Price for ProShares UltraPro Short S&P500 of Thursday, May 2, 2024
| Fair opening price May 2, 2024 | Current price |
|---|---|
| $36.70 ( 1.53%) | $37.27 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for SPXU
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 38.53 | 3.38 % | |
| R2 | 37.83 | 1.51 % | ||
| R1 | 37.40 | 0.346 % | ||
| Current price: | 37.27 | |||
| Support | S1 | 36.00 | -3.41 % | |
| S2 | 35.57 | -4.56 % | ||
| S3 | 34.87 | -6.44 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 38.35 | 2.90 % | |
| R2 | 37.33 | 0.161 % | ||
| R1 | 37.32 | 0.134 % | ||
| Current price | 37.27 | |||
| Support | S1 | 36.38 | -2.39% | |
| S2 | 36.15 | -3.01% | ||
| S3 | 34.13 | -8.43% |
SPXU Dividend Payout History
| # | Ex-Date | Pay Date | Amount | Yield | |
|---|---|---|---|---|---|
| 1 | Mar 20, 2024 | Mar 20, 2024 | Mar 27, 2024 | $0.127 | 0.394% |
| 2 | Dec 20, 2023 | Dec 20, 2023 | Dec 20, 2023 | $0.182 | 0.406% |
| 3 | Jan 06, 2023 | Sep 20, 2023 | Sep 27, 2023 | $0.174 | 0.290% |
| 4 | Jan 06, 2023 | Jun 21, 2023 | Jun 28, 2023 | $0.137 | 0.246% |
| 5 | Jan 06, 2023 | Mar 22, 2023 | Mar 29, 2023 | $0.115 | 0.161% |
FAQ
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