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

By James Quinn

ProShares Ultra S&P500 (AMEX:SSO) crossed under its 10-day moving average of $71.89 on a volume of 419K shares. Swing traders may find an opportunity for a short position, as such a crossover often suggests lower prices in the near term.

In the past 52 weeks, ProShares Ultra S&P500 share prices have been bracketed by a low of $49.31 and a high of $138.00 and are now at $71.63, 45% above that low price. In the last five trading sessions, the 50-day moving average (MA) has climbed 1.0% while the 200-day MA has remained constant.

SmarTrend recommended that subscribers consider buying shares of ProShares Ultra S&P500 on July 8th, 2016 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $67.79. Since that recommendation, shares of ProShares Ultra S&P500 have risen 6.5%. 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