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Watch for ProShares Ultra S&P500 to Potentially Pullback After Gaining 1.37% Yesterday

By Nick Russo

ProShares Ultra S&P500 (AMEX:SSO) traded in a range yesterday that spanned from a low of $90.88 to a high of $91.69. Yesterday, the shares gained 1.4%, which took the trading range above the 3-day high of $91.08 on volume of 829,000 shares. Often times after large one-day gains, short term traders will seek to take profits and, as such, investors should be cautious.

SmarTrend recommended that subscribers consider buying shares of ProShares Ultra S&P500 on November 10th, 2016 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $71.04. Since that recommendation, shares of ProShares Ultra S&P500 have risen 27.1%. We continue to monitor SSO for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

In the past 52 weeks, shares of ProShares Ultra S&P500 have traded between a low of $49.31 and a high of $138.00 and are now at $91.55, which is 86% above that low price. Over the past week, the 200-day moving average (MA) has remained constant while the 50-day MA has advanced 1.0%.

Keywords: rebounders amex:sso proshares ultra s&p500

Ticker(s): SSO