MoneyPatterns
Long

SPXS – Hedge Against Downturn Turned Bullish

AMEX:SPXS   DIREXION SHARES ETF TRUST DIREXION DAILY S&P 500 BEAR 3X USD DIS
Chart Details
Price on Daily broke out of banana pattern.
Bullish EMA cross on Daily should occur with Daily close over $12.81
Weekly trend very close to bullish flip. When this occurs, $14 conservative price target.
10WeekMA cross around $13.50 should continue to fill gap at $15.

Opinion
We are long overdue for a pullback. Coronavirus now in 4 countries. Hong Kong on lock-down.
Gold and Silver looking bullish as well.
Next week 1/27 is going to be the biggest week of earnings . BA, AAPL , MCD , etc.
If AAPL misses earnings , there will be repercussions due to market cap of the company and being overpriced.

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Comments

I bought a lot of this between $12-13... keeping an eye on it, ty for post!

SPX first support around 3250; sharper correction might carry to 3100ish. I don't expect more than ~5-6%, if it forms an ABC correction first A leg might be only 2-3% IMO.

NB: Last week parabolic typical of short squeeze with forced covering on margin calls. Short interest is much less after the buy to cover moves; drop will be sharp without shorts left to cover IMO.
A small covering rally on Friday PM was pretty weak, suggests prices could go into a brief freefall to lower support, just a guess, always keeps us guessing!
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