Stock Market Volatility Decreases After House Passes Debt Ceiling Deal: A Technical Analysis
Portfolio Pulse from Melanie Schaffer
The CBOE Volatility Index (VIX) dropped over 7% after the U.S. House of Representatives passed the debt ceiling agreement. The ProShares Ultra VIX Short Term Futures ETF (UVXY) tracks the VIX, while the SPIKES Volatility Index (SPIKE) tracks expected volatility in the SPDR S&P 500 over the next 30 days.
June 01, 2023 | 3:39 pm
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NEGATIVE IMPACT
The SPIKES Volatility Index (SPIKE) tracks expected volatility in the SPDR S&P 500 over the next 30 days and may be affected by the decrease in the VIX.
The SPIKE tracks expected volatility in the SPDR S&P 500 over the next 30 days. With the VIX decreasing, it may have a negative impact on the SPIKE in the short term.
CONFIDENCE 80
IMPORTANCE 60
RELEVANCE 60
NEGATIVE IMPACT
The ProShares Ultra VIX Short Term Futures ETF (UVXY) is likely to be impacted by the decrease in the VIX following the debt ceiling agreement.
The UVXY tracks the VIX, which dropped over 7% after the debt ceiling agreement. This decrease in the VIX is likely to have a negative impact on the UVXY in the short term.
CONFIDENCE 85
IMPORTANCE 70
RELEVANCE 80