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Bearish Moving Average Cross by ProShares Ultra S&P500 (SSO)

By Nick Russo

ProShares Ultra S&P500 (AMEX:SSO) crossed under its 10-day moving average of $66.89 on a volume of 707K shares. This may provide short-term investors a chance for a short position, as such a crossover often suggests lower prices in the near term.

ProShares Ultra S&P500 share prices have moved between a 52-week high of $138.00 and a 52-week low of $49.31 and are now trading 35% above that low price at $66.38 per share. Over the past week, the 200-day moving average (MA) has remained constant while the 50-day MA has advanced 1.0%.

SmarTrend recommended that subscribers consider buying shares of ProShares Ultra S&P500 on April 13th, 2016 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $64.92. Since that recommendation, shares of ProShares Ultra S&P500 have risen 4.2%. We continue to monitor SSO for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: moving crosses amex:sso proshares ultra s&p500

Ticker(s): SSO