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iPATH S&P 500 VIX Short-Term Futures ETN Set to Possibly Pullback After Yesterday's Rally of 2.44%

By Shiri Gupta

iPATH S&P 500 VIX Short-Term Futures ETN (NYSE:VXX) traded in a range yesterday that spanned from a low of $15.73 to a high of $16.46. Yesterday, the shares gained 2.4%, which took the trading range above the 3-day high of $15.83 on volume of 36.2 million shares. Often times after large one-day gains, short term traders will seek to take profits and, as such, investors should be cautious.

iPATH S&P 500 VIX Short-Term Futures ETN share prices have moved between a 52-week high of $42.41 and a 52-week low of $9.30 and are now trading 75% above that low price at $16.28 per share. In the last five trading sessions, the 50-day moving average (MA) has fallen 3.5% while the 200-day MA has remained constant.

SmarTrend recommended that its subscribers protect gains by selling shares of iPATH S&P 500 VIX Short-Term Futures ETN on November 21st, 2016 by issuing a Downtrend alert when the shares were trading at $28.22. Since that call, shares of iPATH S&P 500 VIX Short-Term Futures ETN have fallen 44.1%. We are now looking for when a new Uptrend will commence and will alert SmarTrend subscribers in real time.

Keywords: rebounders ipath s&p 500 vix short-term futures etn

Ticker(s): VXX