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The SPDR S&P 500 (NYSE:SPY) reached a new all-time high of $526.80 on Wednesday after the Consumer Price Index (CPI) showed inflation pressures eased in April.
The central bank is widely anticipated to hold rates steady until September when a 25-basis point cut is expected. The April reading, which came in broadly in line with estimates has further reinforced that expectation.
Whether or not the SPY will continue its blue-sky run remains to be seen but the ETF is trading in a strong uptrend, making a series of higher highs and higher lows.
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More experienced traders who wish to play the SPY either bullishly or bearishly may choose to do so through one of two Direxion ETFs. Bullish traders can enter a short-term position in Direxion Daily S&P 500 Bull 3X Shares (NYSE:SPXL) and bearish traders can trade the inverse ETF, Direxion Daily S&P 500 Bear 3X Shares (NYSE:SPXS).
The ETFs: SPXL and SPXS are triple leveraged funds that track the movement of the SPY, seeking a return of 300% or –300% on the return of the benchmark index over a single day.
It should be noted that leveraged ETFs are meant to be used as a trading vehicle as opposed to long-term investments
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The SPXL Chart: SPXL was rising about 2.23% higher Wednesday after gapping up to start the trading session. The ETF has been trading in an uptrend since April 19, when SPXL found a local bottom at the $111.54 mark.
Featured image sourced from Shuttertock