The VIX Prints Reversal Candlestick Amid Key Discussions On Debt Ceiling: A Technical Analysis
Portfolio Pulse from Melanie Schaffer
The CBOE Volatility Index (VIX) printed a doji candlestick on Tuesday ahead of a key congressional vote on the debt ceiling deal. This could indicate a change in direction for the index, which is tracked by the ProShares Ultra VIX Short Term Futures ETF (UVXY). The VIX has resistance at 17.71 and 19.43, and support at 15.68 and 14.10.
May 31, 2023 | 1:12 pm
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The ProShares Ultra VIX Short Term Futures ETF (UVXY) may be impacted by the VIX's doji candlestick, which could indicate a change in direction for the index.
The VIX's doji candlestick suggests a potential change in direction, which could impact the ProShares Ultra VIX Short Term Futures ETF (UVXY) as it tracks the index. However, the candlestick is a lagging pattern, and the next candlestick must print before confirming the previous one as a true predictor of subsequent price action. Therefore, the short-term impact on UVXY is uncertain, but investors should monitor the situation closely.
CONFIDENCE 80
IMPORTANCE 75
RELEVANCE 100