On Friday, the SPDR S&P 500 SPY opened 1.3% higher, where the ETF wrested off resistance at $420.76, forming a triple top pattern with similar price action on May 19 paired with similar price action.
Whether the market will continue on its upward trend or reverse course remains to be seen.
The SPY is likely to trade higher this year due to its current trend. With one of the two Direxion ETFs available, more experienced traders can choose to play the SPY either bullish or bearishly. The inverse ETF, Direxion Daily, S&P 500 Bull 3 X Shares SPXL, can be traded for a short term in Direxion Daily S&P 500 Bull 3 X Shares SPXL and bearish traders can trade for a inverse ETF, Direxion Daily S&P 500 Bear 3 X Shares SPXS.
The ETFs:SPXL andSPXS are three-leveraged funds that track the movement of the SPY, aiming for a return of 300% or 300% on the return of the benchmark index over a single day.
Although leveraged ETFs are intended to be a trading tool, long-term investment is not a substitute for leveraged ETFs.
The SPXS chart:SPXS dropped 3.82% on Friday, closing 2 cents above the May 19 low of $16.52. Since March 30, 2022, the ETF hasn't traded at that level.
The SPXS has resistance above $17.02 and $18.25, and support below $15.98 and the psychologically important $15 mark.