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

By James Quinn

ProShares Ultra S&P500 (AMEX:SSO) shares have crossed bullishly above their 10-day moving average of $63.74 on a volume of 757K shares. Swing traders may find an opportunity for a long position, as such a crossover often suggests higher prices in the near term.

In the past 52 weeks, ProShares Ultra S&P500 share prices have been bracketed by a low of $50.00 and a high of $138.00 and are now at $63.85, 28% above that low price. Over the last five market days, the 200-day moving average (MA) has remained constant while the 50-day MA has advanced 0.4%.

SmarTrend recommended that its subscribers protect gains by selling shares of ProShares Ultra S&P500 on May 20th, 2015 by issuing a Downtrend alert when the shares were trading at $68.72. Since that call, shares of ProShares Ultra S&P500 have fallen 7.9%. We are now looking for when a new Uptrend will commence and will alert SmarTrend subscribers in real time.

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

Ticker(s): SSO