Stock Market Volatility Pops Higher Ahead Of Nvidia Earnings, Jackson Hole Symposium: This Fund Offers 1.5X Leverage
Portfolio Pulse from Melanie Schaffer
The ConvexityShares Daily 1.5x SPIKES Futures ETF (SPKY) spiked up almost 1% higher on Tuesday, possibly confirming a new uptrend. The move was in tandem with an upward swing in the S&P 500 VIX Short-Term Futures Index (VIX), which was moving inversely to the S&P 500 ahead of Nvidia Corporation’s earnings print and the Jackson Hole Symposium. SPKY is a 1.5x leveraged fund, similar to ProShares Ultra VIX Short Term Futures ETF (UVXY), which tracks the movement of the VIX.
August 22, 2023 | 5:43 pm
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UVXY is similar to SPKY, which spiked up almost 1% on Tuesday. UVXY tracks the movement of the VIX.
UVXY is mentioned as a similar ETF to SPKY, which saw a spike. However, no specific movement or trend for UVXY is mentioned in the article.
CONFIDENCE 70
IMPORTANCE 60
RELEVANCE 50
POSITIVE IMPACT
SPKY spiked up almost 1% on Tuesday, possibly confirming a new uptrend. The ETF has resistance above at $5.59 and at $6.68 and support below at $4.97 and at $4.55.
The uptrend in SPKY is likely due to the upcoming Nvidia earnings and the Jackson Hole Symposium. The ETF's relative strength index (RSI) has been increasing, indicating increased interest.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100