Inverse Head & Shoulders on UltraShort Utilities. There is a daily H&S on XLU, but look at SDP on the weekly. First time --EVER-- that you can find a bullish reversal pattern on SDP. Fewer people buying / building homes + higher energy prices. We are entering an era of being short utilities, regardless of the market defensiveness that they represent.
The fund invests in financial instruments that ProShare Advisors believes, in combination, should produce daily returns consistent with the fund's investment objective. The index is designed to measure the stock performance of U.S. companies in the utilities industry. The fund is non-diversified.
That volume bounce played out here, kudos to those that took the play.
The buy volume caught my eye on this one, let's see what happens.
Will be watching for a bottoming out doji on this one
This one needs to stay above the bottom trend, otherwise lower prices coming.