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On Friday, the Convexity Daily 1.5x SPIKES Futures ETF (NYSE:SPKY) was consolidating over 5% lower after surging about 11% on Thursday, which Benzinga called out was likely to happen on Monday.
SPKY is a 1.5x leveraged fund that follows the SPIKES Futures Short-Term Index, measuring volatility in broad-based equities similar to the ProShares Ultra VIX Short Term Futures ETF (UVXY), which tracks the S&P 500 VIX Short-Term Futures Index.
With SPKY seeking to move 1.5% for every 1% daily movement in the SPIKES Futures Short-Term Index, it is intended for short-term trades and not recommended for long-term holdings.
Following the Federal Reserve’s decision on Wednesday, to apply a 0.25% rate hike and reinstate its tightening campaign, the SPDR S&P 500 (NYSE:SPY) dropped 1.42% of its high-of-day on Thursday after gapping up to open. The wild price action caused volatility in the stock market to increase.
On Friday, the SPY and SPKY were consolidating with inside bar patterns on lower-than-average volume, indicating traders and investors are taking a breather from the stock market.
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The SPKY Chart: SPKY’s inside bar leans bullish because the ETF was trading higher prior to forming the pattern. Traders can watch for SPKY to break up or down from Thursday’s mother bar on higher-than-average volume to gauge future direction.
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