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The SPDR S&P 500 (NYSE:SPY) was falling about 0.8%s during Tuesday’s trading session, while the CBOE Volatility Index (CBOE: VIX) was spiking over 8% at one point amid a retail-heavy earnings week that was preceded by stronger-than-expected retail sales numbers released by the U.S. Census Bureau Tuesday morning.
ConvexityShares Daily 1.5x SPIKES Futures ETF (NYSE:SPKY) was trading about 6% higher, attempting to hold above the eight-day exponential moving average, while trading in a possible cup-and-handle pattern.
SPKY is a 1.5x leveraged fund, which tracks the SPIKES Futures Short-Term Index and measures volatility in broad-based equities in a similar way to ProShares Ultra VIX Short Term Futures ETF (NYSE:UVXY), which tracks the movement of the S&P 500 VIX Short-Term Futures Index.
For every 1% daily movement in the SPIKES Futures Short-Term Index, the SPKY fund seeks to move 1.5%, meaning that it's for short-term trades and should not be held for a long period of time.
It should be noted SPKY is a short-term trading vehicle and positions in the ETF shouldn't be held for long periods of time.
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The SPKY Chart: SPKY started to trade in a possible cup-and-handle pattern on July 6, with the rounded cup formed between that date and Aug. 3 and the downward-sloping handle printing since. The pattern is a bullish reversal formation that is often found at the bottom of a downtrend.
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