SPY Climbs Higher In Lead Up To Fed Decision: This ETF Offers 3X Leverage To Upside
Portfolio Pulse from Melanie Schaffer
The SPDR S&P 500 (SPY) is edging higher as the Federal Reserve decides on interest rates. The central bank is likely to consider recent producer price index and consumer price index data. Traders can play the SPY bullishly or bearishly through Direxion Daily S&P 500 Bull 3X Shares (SPXL) and Direxion Daily S&P 500 Bear 3X Shares (SPXS), which are triple leveraged funds.
June 14, 2023 | 4:50 pm
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Bearish traders can trade the inverse ETF, Direxion Daily S&P 500 Bear 3X Shares (SPXS), a triple leveraged fund that tracks the movement of the SPY. A pullback in the SPY is likely over the next few trading days.
SPXS is a triple leveraged fund that tracks the movement of the SPY, making it a suitable choice for bearish traders. A pullback in the SPY is likely over the next few trading days due to the potential impact of the Fed's decision on the market.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100
POSITIVE IMPACT
Bullish traders can enter a short-term position in Direxion Daily S&P 500 Bull 3X Shares (SPXL), a triple leveraged fund that tracks the movement of the SPY. A pullback is likely over the next few days as SPXL's RSI is measuring in at about 73%.
SPXL is a triple leveraged fund that tracks the movement of the SPY, making it a suitable choice for bullish traders. However, a pullback is likely over the next few days as the RSI is measuring in at about 73%, indicating that the ETF is overbought.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100
POSITIVE IMPACT
SPY is edging higher as the Federal Reserve decides on interest rates, with the central bank likely to consider recent economic data. A pullback is likely on the horizon over the next few trading days.
The SPY is reacting bullishly to the expectation that the Fed will hold interest rates steady. However, a pullback is likely on the horizon over the next few trading days due to the potential impact of the Fed's decision on the market.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100