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On Monday, the Convexity Daily 1.5x SPIKES Futures ETF (NYSE:SPKY) gapped down slightly to start the trading session before popping up intraday to trade near flat.
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.
With Nvidia Corporation’s earnings set to print on Wednesday and Federal Reserve chair Jerome Powell speaking at the Jackson Hole Symposium on Friday, the stock market may see increased volatility before choosing a direction for at least the short term.
If Nvidia receives a positive reaction to its quarterly report and Powell hints rate cuts could be on the horizon, big tech could push significantly higher. If the opposite plays out, the stock market could continue in its sharp downtrend, which began on July 27 and has seen the S&P 500 decline about 5%.
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The SPKY Chart: SPKY negated its downtrend on Friday but has yet to form a confirmed lower high to indicate a new uptrend is in the cards. If SPKY pops higher on Tuesday, Monday’s low-of-day will serve as a higher low, which would confirm the new trend.
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