ProShares Trust Ultra VIX Short Term Futures ETF (BATS: UVXY)

에 대한 최신 뉴스 ProShares Trust Ultra VIX Short Term Futures ETF (BATS:UVXY)

The index seeks to offer exposure to market volatility through publicly traded futures markets and is designed to measure the implied volatility of the S&P 500 over 30 days in the future.

ProShares Ultra VIX Short Term Futures ETF

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억만장자 투자자 마크 스피츠나겔(Mark Spitznagel)이 이끄는 유니버사 인베스트먼트(Universa Investments) 헤지펀드는 2020년 초 COVID-19 시장 폭락 동안 단 한 분기 만에 4,144%의 수익률을 기록했다. 그가 어떻게 그렇게 했는지 살펴보겠다.

&#39;블랙 스완&#39; 헤지 펀드, 코로나19 시장 대폭락 중 4,000% 이익 기록: 이것이 그들의 비결

ProShares Trust Ultra VIX Short Term Futures ETF

Universa Investments hedge fund, led by billionaire investor Mark Spitznagel, posted a 4,144% return in a single quarter during the COVID-19 market crash in early 2020. Here's a look at<a href="https://www.benzinga.com/markets/equities/24/07/39870083/black-swan-investor-says-greatest-bubble-in-human-history-is-on-the-verge-of-bursting-calls-stoc"> how he did it.&nbsp;</a>
What To Know: Spitznagel is known as a "doomsday" investor who correctly predicted the Great Financial Crisis in 2008 and specializes in profiting during broad market crashes caused by "black swan" events.&nbsp;
Read Next: <a href="https://www.benzinga.com/general/travel/25/03/44359238/severe-storm-system-brings-devastation-at-least-42-dead-power-outages-widespread-damage-reported">Severe Storm System Brings Devastation: At Least 42 Dead, Power Outages, Widespread Damage Reported&nbsp;</a>
Spitznagel's Universa Investments fund's massive COVID-19 gains were revealed in a letter to clients that was leaked and <a href="https://markets.businessinsider.com/news/stocks/black-swan-fund-universa-investments-4000-percent-return-hedging-coronavirus-2020-4-1029076165">seen by</a> Business Insider. In the letter, Spitznagel highlighted the gains the fund had achieved through its tail-risk hedging strategy, while the broader markets and indexes suffered sharp declines. 
<h1 class="wp-block-heading">What Is Tail-Risk Hedging? </h1>
Tail risk refers to the risk of extreme events occurring at the far ends, or tails, of a probability distribution. Tail-risk hedging is an investment strategy that aims to protect portfolios from extreme market downturns and frequently use a combination of financial instruments and strategies.&nbsp;
It is common for a tail-risk hedging strategy to use put options, credit default swaps, Volatility index futures, U.S. Treasuries or a combination of any of the above.&nbsp;
Investors can find convenient exposure to a tail-risk hedge through the Cambria Tail Risk ETF (BATS:<a class="ticker" href="https://www.benzinga.com/stock/TAIL#BATS">TAIL</a>) which holds a portfolio of out-of-the-money put options on the S&amp;P 500 Index, as well as U.S. Treasuries in order to mitigate risk. 
The ProShares Trust Ultra VIX Short-Term Futures ETF (BATS:<a class="ticker" href="https://www.benzinga.com/stock/UVXY#BATS">UVXY</a>) provides 1.5x leveraged exposure to the daily performance of the S&amp;P 500 VIX Short-Term Futures Index and can also be part of a tail-risk hedging strategy.
Read Next:
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<li><a href="https://www.benzinga.com/government/regulations/25/03/44310724/doge-cuts-to-ftc-sow-confusion-in-case-against-amazon">DOGE Cuts To FTC Sow Confusion In Case Against Amazon</a>&nbsp;</li>
</ul>
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'Black Swan' Hedge Fund Posts 4,000% Profits During COVID-19 Market Crash: Here's How

On Friday afternoon, the CBOE Volatility Index (VIX) was down a steep 11%, signaling a <a href="https://www.benzinga.com/topic/vix">cooling of market fear.</a> But for traders who thrive on volatility, the real action lies in the ETFs that track and take advantage of these wild swings.
<a href="https://www.benzinga.com/etfs">VIX-related ETFs</a> are popular tools for hedging against market turbulence or speculating on changes in volatility. But here's the catch: these funds don't track the VIX itself. Instead, they track VIX futures, which can sometimes lead to performance discrepancies over time. Let's break down the key players in the VIX ETF space and what today's market movement might mean for them.
Also Read: <a href="https://www.benzinga.com/etfs/specialty-etfs/25/03/44335436/gold-etfs-shine-as-spot-price-tops-3000-during-safe-haven-demand">Gold ETFs Shine As Spot Price Tops $3,000 During Safe-Haven Demand</a>
The Popular Picks
<ol start="1">
<li>ProShares VIX Short-Term Futures ETF (BATS:<a class="ticker" href="https://www.benzinga.com/stock/VIXY#BATS">VIXY</a>)
<ul>
<li>Tracks the S&amp;P 500 VIX Short-Term Futures Index.</li>
<li>Offers exposure to VIX futures contracts with short-term expirations.</li>
<li>Typically used as a short-term hedge during market uncertainty.</li>
</ul>
</li>
<li>ProShares VIX Mid-Term Futures ETF (BATS:<a class="ticker" href="https://www.benzinga.com/stock/VIXM#BATS">VIXM</a>)
<ul>
<li>Tracks the S&amp;P 500 VIX Mid-Term Futures Index.</li>
<li>Provides exposure to VIX futures contracts with mid-term expirations (typically 4-7 months).</li>
<li>Less sensitive to daily VIX movements compared to short-term options.</li>
</ul>
</li>
<li>iPath Series B S&amp;P 500 VIX Short-Term Futures ETN (BATS:<a class="ticker" href="https://www.benzinga.com/stock/VXX#BATS">VXX</a>)
<ul>
<li>An exchange-traded note (ETN) that mirrors short-term VIX futures performance.</li>
<li>Often favored by traders for quick volatility plays.</li>
</ul>
</li>
<li>iPath Series B S&amp;P 500 VIX Mid-Term Futures ETN (BATS:<a class="ticker" href="https://www.benzinga.com/stock/VXZ#BATS">VXZ</a>)
<ul>
<li>Similar to VXX but focuses on mid-term volatility futures.</li>
<li>Less reactive to daily VIX fluctuations but useful for longer-term positioning.</li>
</ul>
</li>
</ol>
Going Against the Grain
<ol start="5">
<li>VS TR -1x Short VIX Futures ETF (BATS:<a class="ticker" href="https://www.benzinga.com/stock/SVIX#BATS">SVIX</a>) &#8211; The Volatility Inverse ETF
<ul>
<li>Designed for traders looking to profit from declining volatility.</li>
<li>Moves inversely to the VIX, meaning it's likely enjoying today's drop.</li>
</ul>
</li>
<li>ProShares Trust Ultra VIX Short Term Futures ETF (BATS:<a class="ticker" href="https://www.benzinga.com/stock/UVXY#BATS">UVXY</a>)
<ul>
<li>A leveraged ETF offering 1.5x exposure to short-term VIX futures performance.</li>
<li>High risk, high reward—best suited for aggressive traders with a short-term focus.</li>
</ul>
</li>
</ol>
Also Read: <a href="https://www.benzinga.com/etfs/specialty-etfs/25/03/44330587/us-vs-europe-etfs-is-the-tide-turning">US Vs. Europe ETFs: Is The Tide Turning?</a>
What Today's Drop Means For VIX ETFs
With the VIX sinking, inverse volatility ETFs like SVIX are posting gains (up 6% as of writing), while long-volatility plays like VXX, VIXY, and UVXY are seeing declines of 6.22%, 6.41%, and 9.10%, respectively. However, it's important to remember that these funds are not designed for long-term holding due to the effects of futures contract roll costs. Short-term traders, though, may find opportunities to cash in on the shifting volatility scene.
While today's VIX slump suggests a calmer market, seasoned traders know that volatility is never truly gone. It's just waiting for the next catalyst. And when that happens, these ETFs will be back in the spotlight.
Read Next: 
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<li><a href="https://www.benzinga.com/25/03/44332599/exclusive-what-industry-experts-are-saying-about-the-openai-oracle-nvidias-100b-stargate-project-etfs-that-stand-">Exclusive: What Industry Experts Are Saying About OpenAI-Oracle-Nvidia&#8217;s $100-Billion Stargate Project &amp; ETFs That Stand To Gain</a></li>
</ul>
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Barclays Bank iPath S&P 500 VIX Short-Term Futures ETN

Barclays Bank iPath S&P 500 VIX Mid-Term Futures ETN

Volatility Drops Sharply: How Popular VIX ETFs Are Responding

The stock market just got a fresh jolt of turbulence, and traders are buckling up for more. Monday's rollercoaster session saw the S&amp;P 500 index wipe out a staggering $1.5 trillion in value as trade war fears reignited. 
ETFs tracking the index closed lower: the SPDR S&amp;P 500 ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SPY#NYSE">SPY</a>) closed lower by 1.75% while the Vanguard S&amp;P 500 ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/VOO#NYSE">VOO</a>) and the iShares Core S&amp;P 500 ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IVV#NYSE">IVV</a>) were down 1.72% on Monday close.
Related: <a href="https://www.benzinga.com/general/social-media/25/03/44098232/markets-tank-after-trump-confirms-more-tariffs-heres-what-wall-street-is-saying">Markets Tank After Trump Confirms More Tariffs: Here&#8217;s What Wall Street Is Saying</a>
With tariffs on Canada, Mexico and China ramping up, volatility is officially back in business. The VIX has surged over 33% over the past month:
<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="696" height="449" src="https://editorial-assets.benzinga.com/wp-content/uploads/2025/03/04062926/Screenshot-2025-03-04-at-4.59.09-PM.png" alt="" class="wp-image-807881" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2025/03/04062926/Screenshot-2025-03-04-at-4.59.09-PM.png 696w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/03/04062926/Screenshot-2025-03-04-at-4.59.09-PM-300x194.png 300w" sizes="(max-width: 696px) 100vw, 696px" /></figure>
Chart source: <a href="https://www.google.com/finance/quote/VIX:INDEXCBOE?sa=X&amp;ved=2ahUKEwiiwuP0qPCLAxV0Q2cHHSTZBhcQ3ecFegQIMhAX&amp;window=1M">Google Finance</a>
But for investors, chaos breeds opportunity &#8211; if you know how to play it.
<h2 class="wp-block-heading">1. The VIX Is Screaming &#8211; Use It</h2>
The Cboe Volatility Index ($VIX) is Wall Street's fear gauge, and when it spikes, traders take notice. With uncertainty surging, options-based strategies become lucrative. 
Investors can hedge against further market swings with the ProShares Ultra VIX Short-Term Futures ETF (BATS:<a class="ticker" href="https://www.benzinga.com/stock/UVXY#BATS">UVXY</a>) or the iPath Series B S&amp;P 500 VIX Short-Term Futures ETN (BATS:<a class="ticker" href="https://www.benzinga.com/stock/VXX#BATS">VXX</a>). 
But beware—these are short-term tools, not long-term holds.
<h2 class="wp-block-heading">2. Play Defense With Broad Market ETFs</h2>
When markets get rocky, smart money often rotates into low-volatility and defensive plays. 
The Invesco S&amp;P 500 Low Volatility ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SPLV#NYSE">SPLV</a>) offers exposure to less turbulent stocks, while the iShares MSCI USA Minimum Volatility ETF (BATS:<a class="ticker" href="https://www.benzinga.com/stock/USMV#BATS">USMV</a>) helps cushion the downside. 
For those who expect more fireworks but want to stay long equities, the SPY remains a solid way to ride out the storm.
<h2 class="wp-block-heading">3. Don't Fight The Tape &#8211; Trade Trends</h2>
With uncertainty swirling, trend-following strategies gain an edge. Investors looking for short-term gains might consider the ProShares Short S&amp;P 500 ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SH#NYSE">SH</a>) for bearish exposure or the ProShares UltraPro Short S&amp;P 500 ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SPXU#NYSE">SPXU</a>) for amplified downside bets. 
Meanwhile, gold, often a safe-haven asset, is seeing renewed interest through ETFs like SPDR Gold Shares (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GLD#NYSE">GLD</a>).
With Trump hinting at more "big" announcements by Wednesday night, expect the volatility train to keep rolling. The question isn't whether markets will move &#8211; it's whether you're ready to trade the storm.
Read Next: 
<ul>
<li><a href="https://www.benzinga.com/markets/bonds/25/03/44096578/leon-cooperman-says-he-likes-cash-calls-trumps-deficit-cutting-contractionary">Leon Cooperman Says He Likes Cash, Calls Trump&#8217;s Deficit Cutting &#8216;Contractionary&#8217;</a></li>
</ul>
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Tariffs, Trump, Tumult: How To Trade The Volatility Surge

The CBOE Volatility Index, also known as the VIX or &#8220;fear index,&#8221; witnessed a sudden surge of 9% Friday, marking the most significant single-day increase since mid-August. Produced by CBOE Global Markets Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CBOE#NYSE">CBOE</a>), the VIX is a well-regarded gauge of option <a href="https://www.benzinga.com/markets">volatility in the S&amp;P 500 index.</a>
This rapid surge in market volatility followed weeks of relative calm, with the VIX hitting its lowest level since January 2020, closing at 12.81 on Thursday.
<figure class="wp-block-image size-large"><img decoding="async" loading="lazy" width="1024" height="548" src="https://s3.amazonaws.com/editorial.benzinga.com/wp-content/uploads/2023/09/15150047/VIX_2023-09-15_21-00-23_531a1-1024x548.png" alt="" class="wp-image-107026" srcset="https://s3.amazonaws.com/editorial.benzinga.com/wp-content/uploads/2023/09/15150047/VIX_2023-09-15_21-00-23_531a1-1024x548.png 1024w,https://s3.amazonaws.com/editorial.benzinga.com/wp-content/uploads/2023/09/15150047/VIX_2023-09-15_21-00-23_531a1-300x161.png 300w,https://s3.amazonaws.com/editorial.benzinga.com/wp-content/uploads/2023/09/15150047/VIX_2023-09-15_21-00-23_531a1-768x411.png 768w,https://s3.amazonaws.com/editorial.benzinga.com/wp-content/uploads/2023/09/15150047/VIX_2023-09-15_21-00-23_531a1-1536x822.png 1536w,https://s3.amazonaws.com/editorial.benzinga.com/wp-content/uploads/2023/09/15150047/VIX_2023-09-15_21-00-23_531a1.png 1920w" sizes="(max-width: 1024px) 100vw, 1024px" /></figure>
<h2 class="wp-block-heading">What Triggered VIX&#8217;s Friday Spike?</h2>
Several factors may have contributed to the remarkable daily spike in the VIX. Economic data published this week indicated a resurgence in inflation, raising some concerns among investors. 
Additionally, the surge in oil prices may have played a significant role in driving up the VIX. WTI crude oil prices touched $90 per barrel on Friday, adding to the growing concerns about rising energy costs and their potential impact on the broader economy and interest rates. 
Technical factors were also at play. Friday coincided with a triple witching day, a term used to describe the simultaneous expiration of stock options, stock index futures and stock index options contracts, all on the same trading day. 
This event, which occurs four times a year, led to a total value of option expirations amounting to an astonishing $3.4 trillion.
The previous triple witching day in June saw the VIX rise by 4.4%, and in March, it surged by 11%.
Read also: <a href="https://www.benzinga.com/analyst-ratings/analyst-color/23/09/34623277/bonds-in-a-multi-year-bear-market-experts-sound-alarm-on-further-rate-hikes-as-oil-">&#8216;Bonds In A Multi-Year Bear Market&#8217;, Experts Sound Alarm On Further Rate Hikes As Oil Goes Haywire</a>
<h2 class="wp-block-heading">CBOE Global Markets Reports Significant Growth in VIX Options</h2>
CBOE Global Markets released its second-quarter financial results on Aug. 4, 2023. The company reported earnings per share of $1.78, slightly exceeding estimates of $1.77. However, the revenue figure of $467 million fell short of expectations, which had been set at $469 million.
Of particular interest in CBOE&#8217;s report was the substantial growth in average daily volumes for VIX options, which increased by an impressive 53% year-over-year in the second quarter. This growth underscores the heightened interest in and demand for options linked to market volatility.
Goldman Sachs analysts recently revealed the VIX is presently trading at bargain levels compared to what the broader <a href="https://www.benzinga.com/analyst-ratings/analyst-color/23/09/34498344/volatility-bargain-alert-goldman-sachs-analyst-asserts-vix-is-priced-too-low-for-ec">economic context would imply.</a>
No exchange-traded fund exactly replicates the CBOE Global Markets&#8216; VIX. 
However, the ProShares Trust VIX Short-Term Futures ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/VIXY#NYSE">VIXY</a>), the ProShares Trust VIX Mid-Term Futures ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/VIXM#NYSE">VIXM</a>), and the ProShares Trust Ultra VIX Short-Term Futures ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/UVXY#NYSE">UVXY</a>) may provide a good correlation to participate in the VIX&#8217;s movements.
Now read: <a href="https://www.benzinga.com/news/earnings/earnings-beats/23/09/34611199/nasdaq-futures-edge-down-ahead-of-data-deluge-uaw-strike-analysts-warn-fed-may-not-b">Stock Retreats As Bond Yields Climb Amid Oil Concerns, UAW Strike: What&#8217;s Driving Markets Friday?</a>
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CBOE Volatility Index Spikes 9% As Triple Witching Day Shakes Market

Analysts at Goldman Sachs are highlighting an intriguing disconnect between market conditions and the <a href="https://www.benzinga.com/money/guide-to-volatility-indices-vix">famed &#8216;fear&#8217; gauge</a>.
Goldman Sachs&#8217; analyst team, featuring experts such as John Marshall and Spencer Hill, CFA, wrote a note explaining that the CBOE Volatility Index (VIX) is presently trading at price levels considerably beneath what the broader economic context would imply.
&#8220;The VIX at 13.8 is about 6 points below the 20.6 level implied by the growth and inflation environment, but only 4 points below levels implied by our year-end-2024 estimates,&#8221; the analysts wrote. 
<h2 class="wp-block-heading">Goldman Sachs Deep Dive</h2>
Goldman Sachs&#8217; analysis examines the historical underpinnings of the VIX. They examined key macroeconomic variables such as unemployment rates, ISM new orders, consumer spending growth, and inflation.
A number of factors typically appear to be correlated with an increase in equity market volatility:
<ul>
<li>Weakness in manufacturing new orders</li>
<li>Dwindling consumer expenditures</li>
<li>Rising unemployment</li>
<li>Disparities in inflation between consumers (CPI) and producers (PPI) </li>
</ul>
Despite a turbulent period that briefly propelled the VIX to a high of 31 during the regional-bank failures in March, volatility has since taken a nosedive, except for a brief uptick in August, plumbing to 2023 lows as September began.
Currently resting at a relatively modest 14, the VIX seems to have settled comfortably in the lower range of the post-pandemic era, even dipping below pre-Covid historical averages.
This year&#8217;s staggering 35% decline in the VIX is the second-largest annual drop since the 2009 financial crisis, surpassed only by the 46% plunge witnessed in 2019.
<figure class="wp-block-image size-large"><img decoding="async" loading="lazy" width="1024" height="840" src="https://s3.amazonaws.com/editorial.benzinga.com/wp-content/uploads/2023/09/12115703/VIX_2023-09-12_17-56-46_ac6a9-1024x840.png" alt="" class="wp-image-104720" srcset="https://s3.amazonaws.com/editorial.benzinga.com/wp-content/uploads/2023/09/12115703/VIX_2023-09-12_17-56-46_ac6a9-1024x840.png 1024w,https://s3.amazonaws.com/editorial.benzinga.com/wp-content/uploads/2023/09/12115703/VIX_2023-09-12_17-56-46_ac6a9-300x246.png 300w,https://s3.amazonaws.com/editorial.benzinga.com/wp-content/uploads/2023/09/12115703/VIX_2023-09-12_17-56-46_ac6a9-768x630.png 768w,https://s3.amazonaws.com/editorial.benzinga.com/wp-content/uploads/2023/09/12115703/VIX_2023-09-12_17-56-46_ac6a9.png 1316w" sizes="(max-width: 1024px) 100vw, 1024px" /></figure>
<h2 class="wp-block-heading">Signs of Turbulence on the Horizon?</h2>
Is an undervalued VIX an early indicator of turbulence ahead? There are market participants who seem to believe just that, betting on the fear index to skyrocket from here. 
Recently, an unconventional move saw a trader snap up more than <a href="https://www.benzinga.com/etfs/specialty-etfs/23/09/34335973/the-biggest-short-trader-bets-30k-on-1-100-vix-spike-by-february-2024">5,000 call options on the VIX, </a>anticipating the fear index to soar to an astonishing 180 levels by February 2024. That&#8217;s an eye-popping 1,100% leap from its current level.
It&#8217;s worth noting that the VIX reached its all-time high of 89 during the September 2008 Lehman Brothers crash when the entire financial world teetered on the brink of collapse.
Exchange-traded funds such as the ProShares Trust VIX Short-Term Futures ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/VIXY#NYSE">VIXY</a>), the ProShares Trust VIX Mid-Term Futures ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/VIXM#NYSE">VIXM</a>), and the ProShares Trust Ultra VIX Short-Term Futures ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/UVXY#NYSE">UVXY</a>) provide opportunities to participate in the VIX&#8217;s movements.
Read now:<a href="https://www.benzinga.com/23/08/34043138/how-to-protect-your-portfolio-from-the-next-crash-with-spy-vix-gld-tlt-and-uup"> How To Protect Your Portfolio From The Next Crash With SPY, VIX, GLD, TLT, And UUP</a>

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Volatility Bargain Alert: Goldman Sachs Analyst Asserts VIX Is Priced Too Low For Economic Realities

So far, 2023 has seen an equity bull market with low volatility, but whispers on Wall Street suggest an audacious move that could rival <a href="https://www.benzinga.com/topic/michael-burry">Michael Burry&#8217;s famous &#8220;Big Short.&#8221; </a>
In a jaw-dropping play, a trader recently shelled out $30,000 on a bet that hinges on the VIX index hitting 180 by February 2024. 
As of now, the VIX, often dubbed the &#8220;fear gauge,&#8221; is trading at a mere 15, implying a staggering 1,100% surge would be needed for the bet to pay off.
Yahoo Finance data reveals that the trader purchased 5,035 VIX options with a strike price of 180 and an expiration date of Feb. 14, 2024, at a cost of $0.06 per contract. 
This contrarian move raises eyebrows, especially considering that just last week, the VIX index sank to the 13 level, marking one of the lowest points of the year. Currently, it&#8217;s at its weakest level since December 2019, prior to the start of the Covid-19 pandemic.
Even more intriguing, the same trader, or others like them, have accumulated over 20,000 open interest contracts in VIX December options, all with the same strike price.
Also Read: <a href="https://www.benzinga.com/analyst-ratings/analyst-color/23/09/34324490/apple-tech-giants-about-to-get-dwarfed-by-generative-ai-analyst-warns">Apple, Tech Giants &#8216;About To Get Dwarfed By Generative AI,&#8217; Analyst Warns</a>
<figure class="wp-block-image size-large"><img decoding="async" loading="lazy" width="1024" height="437" src="https://s3.amazonaws.com/editorial.benzinga.com/wp-content/uploads/2023/09/07145617/Screenshot-2023-09-07-alle-20.54.24-1024x437.png" alt="" class="wp-image-102478" srcset="https://s3.amazonaws.com/editorial.benzinga.com/wp-content/uploads/2023/09/07145617/Screenshot-2023-09-07-alle-20.54.24-1024x437.png 1024w,https://s3.amazonaws.com/editorial.benzinga.com/wp-content/uploads/2023/09/07145617/Screenshot-2023-09-07-alle-20.54.24-300x128.png 300w,https://s3.amazonaws.com/editorial.benzinga.com/wp-content/uploads/2023/09/07145617/Screenshot-2023-09-07-alle-20.54.24-768x327.png 768w,https://s3.amazonaws.com/editorial.benzinga.com/wp-content/uploads/2023/09/07145617/Screenshot-2023-09-07-alle-20.54.24.png 1370w" sizes="(max-width: 1024px) 100vw, 1024px" /></figure>
<figure class="wp-block-image size-large"><img decoding="async" loading="lazy" width="1024" height="328" src="https://s3.amazonaws.com/editorial.benzinga.com/wp-content/uploads/2023/09/07145644/Screenshot-2023-09-07-alle-20.54.05-1024x328.png" alt="" class="wp-image-102479" srcset="https://s3.amazonaws.com/editorial.benzinga.com/wp-content/uploads/2023/09/07145644/Screenshot-2023-09-07-alle-20.54.05-1024x328.png 1024w,https://s3.amazonaws.com/editorial.benzinga.com/wp-content/uploads/2023/09/07145644/Screenshot-2023-09-07-alle-20.54.05-300x96.png 300w,https://s3.amazonaws.com/editorial.benzinga.com/wp-content/uploads/2023/09/07145644/Screenshot-2023-09-07-alle-20.54.05-768x246.png 768w,https://s3.amazonaws.com/editorial.benzinga.com/wp-content/uploads/2023/09/07145644/Screenshot-2023-09-07-alle-20.54.05.png 1362w" sizes="(max-width: 1024px) 100vw, 1024px" /></figure>
Source: Yahoo Finance
<h2 class="wp-block-heading">Betting On The Biggest Short</h2>
The audacity of this trade cannot be overstated. Since the CBOE Volatility Index (VIX) was introduced in 1993, it has never surpassed the 100 level.
<figure class="wp-block-image size-large"><img decoding="async" loading="lazy" width="1024" height="528" src="https://s3.amazonaws.com/editorial.benzinga.com/wp-content/uploads/2023/09/07150341/VIX_2023-09-07_21-03-26_dd985-1024x528.png" alt="" class="wp-image-102480" srcset="https://s3.amazonaws.com/editorial.benzinga.com/wp-content/uploads/2023/09/07150341/VIX_2023-09-07_21-03-26_dd985-1024x528.png 1024w,https://s3.amazonaws.com/editorial.benzinga.com/wp-content/uploads/2023/09/07150341/VIX_2023-09-07_21-03-26_dd985-300x155.png 300w,https://s3.amazonaws.com/editorial.benzinga.com/wp-content/uploads/2023/09/07150341/VIX_2023-09-07_21-03-26_dd985-768x396.png 768w,https://s3.amazonaws.com/editorial.benzinga.com/wp-content/uploads/2023/09/07150341/VIX_2023-09-07_21-03-26_dd985-1536x792.png 1536w,https://s3.amazonaws.com/editorial.benzinga.com/wp-content/uploads/2023/09/07150341/VIX_2023-09-07_21-03-26_dd985.png 1920w" sizes="(max-width: 1024px) 100vw, 1024px" /></figure>
To put it in perspective, the VIX index reached an all-time high of 89 during the most dire financial day since 1929 when Lehman Brothers collapsed in September 2008. This is only half of the target set by the trader.
Even during the peak of the Covid-19 pandemic, when the whole world went into lockdown, the VIX only hit 85 on March 18, 2020. 
Similarly, when the Chinese stock market experienced a meltdown in August 2015, with the Shanghai stock exchange plunging nearly 9% in a single day, the VIX reached a level of 53, for those considering the possibility of a China-triggered market crash.
Opportunities to Access the VIX Index: For investors looking to gain exposure to the VIX index, there are several ETFs available. These include the ProShares Trust VIX Short-Term Futures ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/VIXY#NYSE">VIXY</a>), the ProShares Trust VIX Mid-Term Futures ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/VIXM#NYSE">VIXM</a>), and the ProShares Trust Ultra VIX Short-Term Futures ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/UVXY#NYSE">UVXY</a>), which offers a leveraged play on the VIX.
Could this bet on the VIX index be the next &#8220;Big Short&#8221; to watch? Only time will tell, but if this audacious bet succeeds, the trader&#8217;s loved one might receive a memorable Valentine&#8217;s Day treat.
Read more: <a href="https://www.benzinga.com/analyst-ratings/analyst-color/23/09/34326504/chinas-iphone-ban-throws-wrench-in-apple-profit-engine-30m-units-at-risk-bank-of-am">China&#8217;s iPhone Ban Throws Wrench In Apple Profit Engine: 30M Units At Risk, Bank Of America Warns</a>
Photo: Shutterstock

The Biggest Short: Trader Bets $30K On 1,100% VIX Spike By February 2024

The SPDR S&amp;P 500 (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/spy#NYSE">SPY</a>) was rising over 0.5% higher Wednesday after the Bureau of Economic Analysis downwardly revised U.S. GDP to 2.1% in the second quarter, reflecting <a href="https://www.benzinga.com/23/08/34112835/us-gdp-revised-downward-to-2-1-in-q2-reflecting-softer-economic-growth">softer economic growth</a>.
The revision indicates the Federal Reserve&rsquo;s monetary tightening policy is working, which brought investors hope the central bank may hold interest rates steady when it meets next month.
The SPY&rsquo;s move higher caused the market ETF to break up from <a href="https://www.benzinga.com/money/stock-chart-patterns">a rising channel pattern</a>, which often happens in bull cycles. The SPY hasn&rsquo;t formed a higher low since Aug. 25, however, which indicates a retracement is likely on the horizon.
When the SPY retraces to form at least another higher low, volatility in the stock market is likely to tick higher.
Traders wishing to trade the potential volatility have multiple options, including the ConvexityShares Daily 1.5x SPIKES Futures ETF (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/spky#NYSE">SPKY</a>).
<a href="https://www.convexityshares.com/">SPKY is a 1.5x leveraged fund</a>, which tracks the SPIKES Futures Short-Term Index and measures volatility in broad-based equities in a similar way to ProShares Ultra VIX Short Term Futures ETF (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/uvxy#NYSE">UVXY</a>), which tracks the movement of the S&amp;P 500 VIX Short-Term Futures Index.
For every 1% daily movement in the <a href="https://www.miaxglobal.com/">SPIKES Futures Short-Term Index</a>, the SPKY fund seeks to move 1.5%, meaning that it&rsquo;s for short-term trades and should not be held for a long period of time.
Want direct analysis? Find me in the BZ Pro lounge! <a href="https://benzinga.grsm.io/1ih7p9hphj9p">Click here for a free trial</a>.
The SPY Chart: The SPY formed a bullish Marubozu candlestick on Tuesday, which indicates higher prices were likely to come on Wednesday. On Wednesday, the SPY was attempting to form a second bullish Marubozu candlestick, which suggests higher prices could come again on Thursday.
<ul>
<li>If the ETF closes Wednesday&rsquo;s session with an upper wick, however, a shooting star candlestick will form, which could indicate the local top has occurred and a retracement will take place. If that happens, bullish traders want to see the stock hold above the upper ascending trend line of the channel.</li>
<li>Bearish traders want to see big bearish volume come in and drop the SPY back into the channel, and then for continuation to push the ETF down toward the bottom trend line of the formation. If the SPY were to eventually break down under the channel, a longer-term downtrend could be in the cards.</li>
<li>The SPY has resistance above at $454.05 and at $458.49 and support below at $447.06 and at $436.79.</li>
</ul>
<img alt="screenshot_2694.png" src="https://www.benzinga.com/files/u278075/screenshot_2694.png" style="height:427px; width:760px" />Read Next:&nbsp;<a href="https://www.benzinga.com/trading-ideas/long-ideas/23/08/34119668/spot-gold-rises-as-cracks-in-the-u-s-economy-start-to-show-this-double-leveraged-fund-ca">Spot Gold Rises As Cracks In The U.S. Economy Start To Show: This Double-Leveraged Fund Can Accelerate Gains -</a>
&nbsp;
Image sourced from Shutterstock

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ConvexityShares Trust ConvexityShares Daily 1.5x SPIKES Futures ETF

SPKY

Economic Pivot: GDP Downward Revision Sparks Market Upswing, Reshapes Sentiment

The SPDR S&amp;P 500 (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/spy#NYSE">SPY</a>) was surging over 1% higher Tuesday after data released for July showed U.S. job openings decreased below 9 million for the <a href="https://www.benzinga.com/economics/macro-economic-events/23/08/34092590/job-vacancies-fall-to-28-month-low-signaling-cooling-job-market">first time since March 2021</a>.
The data indicates that the stubbornly strong labor market has started to cool, giving investors hope that the Federal Reserve&rsquo;s rate hike campaign is finally succeeding, which could convince the central bank to apply a pause next month.
The SPY&rsquo;s move higher confirmed the market ETF is trading in <a href="https://www.benzinga.com/money/stock-chart-patterns">an uptrend</a>, with the formation of a higher high. An uptrend occurs when a stock consistently makes a series of higher highs and higher lows on the chart.
The higher highs indicate the bulls are in control while the intermittent higher lows indicate consolidation periods.
Traders can use moving averages to help identify an uptrend, with rising lower time frame moving averages (such as the eight-day or 21-day exponential moving averages) indicating the stock is in a steep shorter-term uptrend.
Rising longer-term moving averages (such as the 200-day simple moving average) indicate a long-term uptrend.
Although the SPY isn&rsquo;t showing signs that the local top has occurred, eventually the ETF will retrace to form at least another higher low. When that happens, volatility is likely to increase. Traders wishing to trade the potential volatility have multiple options, including the ConvexityShares Daily 1.5x SPIKES Futures ETF (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/spky#NYSE">SPKY</a>).
SPKY <a href="https://www.convexityshares.com/">is a 1.5x leveraged fund</a>, which tracks the <a href="https://www.miaxglobal.com/">SPIKES Futures Short-Term Index</a> and measures volatility in broad-based equities in a similar way to ProShares Ultra VIX Short Term Futures ETF (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/uvxy#NYSE">UVXY</a>), which tracks the movement of the S&amp;P 500 VIX Short-Term Futures Index.
For every 1% daily movement in the SPIKES Futures Short-Term Index, the SPKY fund seeks to move 1.5%, meaning that it&rsquo;s for short-term trades and should not be held for a long period of time.
Want direct analysis? Find me in the BZ Pro lounge! <a href="https://benzinga.grsm.io/1ih7p9hphj9p">Click here for a free trial</a>.
The SPY Chart: The SPY began trading in an uptrend on Aug. 18, which was confirmed when the ETF retraced to form a higher low at the $435 mark on Aug. 25. On Tuesday, the SPY rose above the most recent high but was&#39;t showing any indication a retracement is in the cards for Wednesday.
<ul>
<li>If the SPY closes Tuesday&rsquo;s trading session near its high-of-day, the ETF will print a bullish Marubozu candlestick, which could indicate higher prices will come again on Wednesday. The second most likely scenario is that the ETF prints an inside bar pattern, which would indicate consolidation is needed.</li>
<li>Bullish traders want to see the SPY close above the 50-day simple moving average and hold above the area when the ETF eventually retraces. Bearish traders want to see big bearish volume come in and break the SPY down to form a lower low, which would negate the uptrend and indicate a downtrend could be on the horizon.</li>
<li>The SPY has resistance above at $454.05 and at $458.49 and support below at $447.06 and at $436.79.</li>
</ul>
<img alt="screenshot_2691.png" src="https://www.benzinga.com/files/u278075/screenshot_2691.png" style="height:427px; width:760px" />Read Next:&nbsp;<a href="https://www.benzinga.com/analyst-ratings/analyst-color/23/08/34096940/why-carson-groups-ryan-detrick-predicts-s-p-500-to-break-new-ground-by-october-othe">Why The S&amp;P 500 Could Break New Ground By October While Other Sectors Stumble</a>

The Stock Market Surges Higher Fueled By Decrease In U.S. Job Openings: A Look At The SPY

The ConvexityShares Daily 1x SPIKES Futures ETF (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/spkx#NYSE">SPKX</a>) fell about 5% on Monday, ahead of several key economic data sets, which will offer traders and investors clues as to whether the Federal Reserve will apply another<a href="https://www.benzinga.com/economics/macro-economic-events/23/08/34076342/8-economic-indicators-to-watch-this-week-for-clues-on-feds-next-move"> rate hike next month</a>.
The ETF: <a href="https://www.convexityshares.com/">SPKY&nbsp;is a 1.5X leveraged fund</a> that tracks the <a href="https://www.miaxglobal.com/">SPIKES Futures Short-Term Index</a> and measures volatility in broad-based equities in a similar way to ProShares Ultra VIX Short Term Futures ETF (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/uvxy#NYSE">UVXY</a>), which tracks the movement of the S&amp;P 500 VIX Short-Term Futures Index.
For every 1% daily movement in the SPIKES Futures Short-Term Index, the SPKY fund seeks to move 1.5%, meaning that it&rsquo;s for short-term trades and should not be held for a long period of time.&nbsp;
The market is currently pricing in a pause for September, with an 80% probability the central bank will keep rates steady. At the Fed&rsquo;s subsequent meeting in November, however, money markets see a 61% chance that the central bank will reinstate its tightening campaign.
If the Fed applies a rate hike next month, the stock market is likely to become volatile, which could offer upside in SPKY. Further, the ETF signaled at least a short-term bounce could be on the horizon by printing a hammer candlestick on Monday.
Want direct analysis? Find me in the BZ Pro lounge! <a href="https://benzinga.grsm.io/1ih7p9hphj9p">Click here for a free trial</a>.
The SPKY Chart: SPKY negated its uptrend on Friday by printing a lower high at the $5.60 mark. On Monday, the ETF formed a lower low, which confirmed a new downtrend is likely in the cards.
<ul>
<li>Within every downtrend, brief rebounds take place, however, and Monday&rsquo;s candlestick suggests the ETF could pop higher on Tuesday. If that happens, bullish traders can watch for a bearish reversal candlestick, such as a doji or shooting star candlestick to form on smaller timeframes, which could indicate the next local top has occurred.</li>
<li>SPKY has resistance above at $4.97 and at $5.59 and support below at $4.55 and the psychologically important $4 mark.</li>
</ul>
<img alt="screenshot_2689.png" src="https://www.benzinga.com/files/u278075/screenshot_2689.png" style="height:427px; width:760px" />Read Next:&nbsp;<a href="https://www.benzinga.com/markets/equities/23/08/34065176/us-stocks-seen-opening-firmer-in-new-weeks-1st-session-as-traders-look-to-weeks-key-data-analyst">US Stocks Grind Higher As China Cuts Taxes On Trading, Eyes Further Stimulus: What&#39;s Driving Markets Monday?</a><a href="https://www.benzinga.com/markets/equities/23/08/34065176/us-stocks-seen-opening-firmer-in-new-weeks-1st-session-as-traders-look-to-weeks-key-data-analyst">&nbsp;</a>

ConvexityShares Trust ConvexityShares 1x SPIKES Futures ETF

SPKX

Looking To Trade Stock Market Volatility Ahead Of Fed's September Decision On Rates: This Fund Offers Leverage

Apple, Inc (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/aapl#NASDAQ">AAPL</a>) broke briefly under Thursday&rsquo;s low-of-day on Friday, after Federal Reserve chair Jerome Powell spoke at the Jackson Hole Symposium and indicated the central bank hasn&rsquo;t taken more <a href="https://www.benzinga.com/economics/23/08/34042963/chair-powell-at-jackson-hole-fed-is-ready-to-raise-rates-further-if-appropriate">interest rates off the table</a>.
The trading action had Apple looking to print <a href="https://www.benzinga.com/money/how-to-read-candlestick-charts">a doji candlestick</a>, which could indicate a higher low has formed. If the candlestick is recognized, and Apple trades higher on Monday, a new uptrend may be on the horizon.
An uptrend occurs when a stock consistently makes a series of higher highs and higher lows on the chart.
The higher highs indicate the bulls are in control while the intermittent higher lows indicate consolidation periods.
Traders can use moving averages to help identify an uptrend, with rising lower time frame moving averages (such as the eight-day or 21-day exponential moving averages) indicating the stock is in a steep shorter-term uptrend.
Rising longer-term moving averages (such as the 200-day simple moving average) indicate a long-term uptrend.
If Apple falls lower on Monday, however, the higher high formed on Wednesday, which negated the downtrend, could serve as a bull trap and the trend lower could continue. If that happens, volatility in the stock market could increase due to how heavily weighted Apple is within the S&amp;P 500.
Traders wishing to trade the potential volatility have multiple options, including the ConvexityShares Daily 1.5x SPIKES Futures ETF (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/spky#NYSE">SPKY</a>).
SPKY is <a href="https://www.convexityshares.com/">a 1.5x leveraged fund</a>, which tracks the SPIKES Futures Short-Term Index and measures volatility in broad-based equities in a similar way to ProShares Ultra VIX Short Term Futures ETF (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/uvxy#NYSE">UVXY</a>), which tracks the movement of the S&amp;P 500 VIX Short-Term Futures Index.
For every 1% daily movement in the SPIKES Futures Short-Term Index, the SPKY fund seeks to move 1.5%, meaning that it&rsquo;s for short-term trades and should not be held for a long period of time.
Want direct analysis? Find me in the BZ Pro lounge! <a href="https://benzinga.grsm.io/1ih7p9hphj9p">Click here for a free trial</a>.
The Apple Chart: On Wednesday, Apple formed a higher high at the $181.55 mark, which came in above the most recent lower high, which was printed at the $179.69 mark on Aug. 14. The higher high negated the downtrend but a higher low, above $171.96 hasn&rsquo;t yet formed to confirm a new uptrend.
<ul>
<li>On Friday, Apple was trading mostly sideways on low volume, which indicates the stock is in a consolidation phase. If Apple continues to trade sideways on Monday, traders can watch for a series of possible inside bars to develop on decreasing volume before the stock chooses a direction.</li>
<li>Bullish traders want to see big bullish volume come in and break Apple up above the 21-day exponential moving average (EMA), which would give bullish traders more confidence going forward. Bearish traders want to see the stock close under the eight-day EMA, which could accelerate a move to the downside.</li>
<li>Apple has resistance above at $177.71 and at $182.13 and support below at $174.33 and at $171.61.</li>
</ul>
<img alt="screenshot_2685.png" src="https://www.benzinga.com/files/u278075/screenshot_2685.png" style="height:427px; width:760px" />Read Next:&nbsp;<a href="https://www.benzinga.com/trading-ideas/long-ideas/23/08/34045517/the-spy-swings-wildly-following-hawkish-comments-at-jackson-hole-symposium-this-etf-trac">The SPY Swings Wildly Following Hawkish Comments At Jackson Hole Symposium: This ETF Tracks Stock Market Volatility</a>
Image sourced from Shutterstock

AAPL

Apple Stock Shows Indecision With More Rate Hikes Left On The Table: The Bull, Bear Case

The SPDR S&amp;P 500 (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/spy#NYSE">SPY</a>) was volatile Friday after Federal Reserve chair Jerome Powell&rsquo;s opening remarks at the Jackson Hole Symposium indicated the central bank may continue to raise interest rates and hold them at a restrictive level until <a href="https://www.benzinga.com/economics/23/08/34042963/chair-powell-at-jackson-hole-fed-is-ready-to-raise-rates-further-if-appropriate">inflation falls to its 2% goal</a>.
The volatile price action follows a bearish day on Thursday, which saw the market ETF drop about 1.4% on high volume, falling through a potential <a href="https://www.benzinga.com/trading-ideas/long-ideas/23/08/34027667/the-spy-drops-as-traders-price-in-a-hawkish-tone-from-powell-friday-amid-strong-jobs-dat">bear flag pattern on the daily chart</a>.
The move caused volatility in the stock market to increase, with the ConvexityShares Daily 1.5x SPIKES Futures ETF (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/spky#NYSE">SPKY</a>) spiking up almost 9% from its low-of-day.
SPKY is <a href="https://www.convexityshares.com/">a 1.5x leveraged fund</a>, which tracks the <a href="https://www.miaxglobal.com/">SPIKES Futures Short-Term Index</a> and measures volatility in broad-based equities in a similar way to ProShares Ultra VIX Short Term Futures ETF (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/uvxy#NYSE">UVXY</a>), which tracks the movement of the S&amp;P 500 VIX Short-Term Futures Index.
For every 1% daily movement in the SPIKES Futures Short-Term Index, the SPKY fund seeks to move 1.5%, meaning that it&rsquo;s for short-term trades and should not be held for a long period of time.
On Friday, SPKY was trading slightly higher at one point, attempting to break up through a resistance level near the $5.60 mark but on low volume, which indicates consolidation.
Want direct analysis? Find me in the BZ Pro lounge! <a href="https://benzinga.grsm.io/1ih7p9hphj9p">Click here for a free trial</a>.
The SPKY Chart: Although SPKY negated its downtrend on Thursday by forming a higher low above $4.91, the price action on Friday may serve as a lower high, which may give investors pause. After the big bullish move in the ETF on Thursday, sideways consolidation may be needed prior to the ETF either confirming a new uptrend or continuing in a downtrend.
<ul>
<li>Momentum in SPKY has been increasing, with its relative strength index (RSI) forming a series of higher lows. The rising momentum indicates traders have an increased interest in the ETF.</li>
<li>When SPKY surged higher on Thursday and popped slightly higher again on Friday, the ETF rejected the 50-day simple moving average as resistance and fell back under the area. If the ETF can regain the 50-day SMA over the next few trading days, it will give traders bullish on volatility more confidence going forward.</li>
<li>SPKY has resistance above at $5.59 and at $6.68 and support below at $4.97 and at $4.55.</li>
</ul>
<img alt="screenshot_2684.png" src="https://www.benzinga.com/files/u278075/screenshot_2684.png" style="height:427px; width:760px" />Read Next:&nbsp;<a href="https://www.benzinga.com/analyst-ratings/analyst-color/23/08/34042435/magnificent-7-tech-bubble-to-burst-with-higher-for-longer-rates-top-wall-street-ana">&#39;Magnificent 7&#39; Tech Bubble To Burst With &#39;Higher-For-Longer&#39; Rates, Top Wall Street Analyst Warns</a>
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The SPY Swings Wildly Following Hawkish Comments At Jackson Hole Symposium: This ETF Tracks Stock Market Volatility

The SPDR S&amp;P 500 (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/spy#NYSE">SPY</a>) opened slightly higher Thursday before running into a group of sellers who knocked the market ETF down from the top of a flag formation, which Benzinga <a href="https://www.benzinga.com/trading-ideas/long-ideas/23/08/34009405/the-spy-climbs-higher-ahead-of-jackson-hole-symposium-the-bull-bear-case-for-the-stock-m">called out on Wednesday.</a>
The pop higher followed by the selling pressure came after Nvidia Corporation printed a <a href="https://www.benzinga.com/analyst-ratings/analyst-color/23/08/34013268/nvidia-stock-soars-past-500-after-chipmaker-demolishes-q2-estimates">second-quarter earnings beat</a>, which caused the stock to surge higher in the aftermarket on Wednesday and the premarket on Thursday before dropping from its opening price.
The stock market may be anticipating a hawkish tone from Federal Reserve chair Jerome Powell, when he speaks at the Jackson Hole Symposium on Friday. Traders and investors will be listening carefully for clues as to whether the central bank will continue to hike interest rates into the end of 2023 or apply a pause.
Fear that the rate hike campaign may continue hit Thursday morning, when <a href="https://www.benzinga.com/economics/macro-economic-events/23/08/34022647/unemployment-claims-fall-short-of-expectations-signaling-job-market-resilience">unemployment claims</a> came in lower-than-expected. The data, released by the U.S. Labor Department, indicates the job market remains strong despite surging interest rates.
As for the stock market, the SPY remains trading in a possible bear flag pattern and if the formation is recognized and the ETF drops significantly on above-average-volume, volatility is the stock market is likely to increase.
Traders wishing to trade the potential volatility have multiple options, including the ConvexityShares Daily 1x SPIKES Futures ETF (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/spkx#NYSE">SPKX</a>).
SPKX <a href="https://www.convexityshares.com/">is a fund</a> that tracks the SPIKES Futures Short-Term Index and measures volatility in broad-based equities in a similar way to ProShares Ultra VIX Short Term Futures ETF (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/uvxy#NYSE">UVXY</a>), which tracks the movement of the S&amp;P 500 VIX Short-Term Futures Index.
Want direct analysis? Find me in the BZ Pro lounge! <a href="https://benzinga.grsm.io/1ih7p9hphj9p">Click here for a free trial</a>.
The SPY Chart: Although the SPY has popped higher at one point each day this week, the ETF hasn&rsquo;t risen enough to negate its downtrend, which began on July 27. The most recent lower low within the trend was formed on Aug. 18 at $433.01 and the most recent confirmed lower high was printed at the $448.11 mark on Aug. 14.
<ul>
<li>The downtrend, combined with the recent rebound has settled the SPY into a possible bear flag pattern on the daily chart. If the pattern is recognized, the measured move is about 5.75%, which suggests the SPY could retrace toward $419. If that happens, it will constitute a full market correction with the SPY dropping over 10% from its high.</li>
<li>Bullish traders want to see the SPY continue trending upwards and eventually regain the eight-day exponential moving average as support, which would negate the bear flag. Bears want to see big bearish volume drop the SPY down from the flag formation and then for the ETF to form a lower low to confirm the downtrend remains intact.</li>
<li>The SPY has resistance above at $447.06 and at $454.05 and support below at $436.79 and at $429.80.</li>
</ul>
<img alt="screenshot_2681.png" src="https://www.benzinga.com/files/u278075/screenshot_2681.png" style="height:427px; width:760px" />Read Next:&nbsp;<a href="https://www.benzinga.com/etfs/emerging-market-etfs/23/08/34013202/brics-alliance-explores-expansion-amid-shifting-world-order-investors-eye-these-5-etfs">BRICS Alliance Explores Expansion Amid Shifting World Order: Investors Eye These 5 ETFs</a>
The SPY Drops As Traders Price In A Hawkish Tone From Powell Friday Amid Strong Jobs Data: A Technical Analysis

The SPY Drops As Traders Price In A Hawkish Tone From Powell Friday Amid Strong Jobs Data: A Technical Analysis

The SPDR S&amp;P 500 (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/spy#NYSE">SPY</a>) was rising about 1% during Wednesday&rsquo;s trading session, ahead of Nvidia Corporation&rsquo;s earnings print after the close and the Jackson Hole Symposium, <a href="https://www.benzinga.com/economics/macro-economic-events/23/08/33961913/jackson-hole-fed-symposium-2023-what-should-investors-anticipate-from-powells-add">scheduled for Friday.</a>
Between July 17 and Aug. 18, the SPY retraced significantly, falling 5.75% before beginning to rebound over the last four trading days. While the recent move higher has been welcomed by bullish traders, there&rsquo;s a possibility the market ETF could be settling into a <a href="https://www.benzinga.com/money/stock-chart-patterns">bear flag pattern</a>.
The bear flag pattern is created with a steep drop lower forming the pole, which is then followed by a consolidation pattern that brings the stock higher between a channel with parallel lines or into a tightening triangle pattern.
If the SPY breaks down from the bear flag pattern, volatility in the stock market is likely to increase. Traders wishing to trade the potential volatility have multiple options, including the ConvexityShares Daily 1.5x SPIKES Futures ETF (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/spky#NYSE">SPKY</a>).
SPKY is <a href="https://www.convexityshares.com/">a 1.5x leveraged fund</a>, which tracks the SPIKES Futures Short-Term Index and measures volatility in broad-based equities in a similar way to ProShares Ultra VIX Short Term Futures ETF (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/uvxy#NYSE">UVXY</a>), which tracks the movement of the S&amp;P 500 VIX Short-Term Futures Index.
For every 1% daily movement in the <a href="https://www.miaxglobal.com/">SPIKES Futures Short-Term Index</a>, the SPKY fund seeks to move 1.5%, meaning that it&rsquo;s for short-term trades and should not be held for a long period of time.
Want direct analysis? Find me in the BZ Pro lounge! <a href="https://benzinga.grsm.io/1ih7p9hphj9p">Click here for a free trial</a>.
The SPY Chart: For bullish traders, the &quot;trend is your friend&quot; (until it&#39;s not) and the SPY may continue to rise upwards within the channel for a period of time. Aggressive traders may decide to purchase the stock at the lower trendline and exit the trade at the higher trendline.
<ul>
<li>If the SPY continues to trend higher and regains support at the 50-day simple moving average (SMA), the bear flag will be negated. The SPY may need to consolidate under or above the 50-day SMA, which could cause a higher low to develop, which would confirm a new uptrend.</li>
<li>Bearish traders will want to watch for a breakdown from the lower descending trendline of the flag formation, on high volume. If the SPY breaks down from a bear flag pattern, the measured move lower could take the ETF toward the $417 mark.</li>
<li>The SPY has resistance above at $447.06 and at $454.05 and support below at $436.79 and at $429.80.</li>
</ul>
<img alt="screenshot_2678.png" src="https://www.benzinga.com/files/u278075/screenshot_2678.png" style="height:427px; width:760px" />Read Next:&nbsp;<a href="https://www.benzinga.com/news/23/08/34006203/whats-going-on-with-nvidia-stock-wednesday">What&#39;s Going On With Nvidia Stock Wednesday?</a>
Image sourced from Shutterstock

The SPY Climbs Higher Ahead Of Jackson Hole Symposium: The Bull, Bear Case For The Stock Market

The ConvexityShares Daily 1.5x SPIKES Futures ETF (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/spky#NYSE">SPKY</a>) was spiking up almost 1% higher Tuesday, possibly confirming a new uptrend, which Benzinga pointed out was likely <a href="https://www.benzinga.com/trading-ideas/long-ideas/23/08/33966593/stock-market-volatility-trends-higher-ahead-of-nvidia-earnings-jackson-hole-symposium-th">to happen on Monday</a>.
The move was coming in tandem with an upward swing in the S&amp;P 500 VIX Short-Term Futures Index (CBOE: VIX), which was moving inversely to the S&amp;P 500 ahead of Nvidia Corporation&rsquo;s earnings print and the Jackson Hole Symposium.
SPKY is a 1.5x leveraged fund, which tracks the SPIKES Futures Short-Term Index and measures volatility in broad-based equities in a similar way to ProShares Ultra VIX Short Term Futures ETF (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/uvxy#NYSE">UVXY</a>), which tracks the movement of the VIX.
For every 1% daily movement in the SPIKES Futures Short-Term Index, the <a href="https://www.convexityshares.com/">SPKY fund seeks to move 1.5%</a>, meaning that it&rsquo;s for short-term trades and should not be held for a long period of time.
Want direct analysis? Find me in the BZ Pro lounge! <a href="https://benzinga.grsm.io/1ih7p9hphj9p">Click here for a free trial</a>.
The SPKY Chart: SPKY was working to form a bullish Marubozu candlestick on Tuesday, which could indicate higher prices will come on Wednesday. If that happens, Tuesday&rsquo;s low-of-day will serve as a higher low, which will confirm a new uptrend.
<ul>
<li>If a new uptrend is confirmed, bullish traders will want to see the ETF rise above the recent higher high, which was formed on Friday at $6.29, over the next few trading days. If SPKY falls lower on Wednesday, Tuesday&rsquo;s price action may serve as a bull trap and the ETF could retrace toward the $5 mark.</li>
<li>Momentum in SPKY has been steadily rising, with the ETF&rsquo;s relative strength index (RSI) increasing from the 27% mark on July 27 to about 57% on Aug. 17. Although SPKY&rsquo;s RSI has recently dropped down to near the 50% mark since then, the rising momentum indicates an increased interest in the ETF.</li>
<li>SPKY has resistance above at $5.59 and at $6.68 and support below at $4.97 and at $4.55.</li>
</ul>
<img alt="screenshot_2676.png" src="https://www.benzinga.com/files/u278075/screenshot_2676.png" style="height:427px; width:760px" />Read Next:&nbsp;<a href="https://www.benzinga.com/trading-ideas/long-ideas/23/08/33989101/microsoft-stock-jumps-higher-negates-downtrend-after-activision-deal-revision-a-technica">Microsoft Stock Jumps Higher, Negates Downtrend After Activision Deal Revision: A Technical Analysis</a>
&nbsp;
Image sourced from Shutterstock

Stock Market Volatility Pops Higher Ahead Of Nvidia Earnings, Jackson Hole Symposium: This Fund Offers 1.5X Leverage

The SPDR S&amp;P 500 (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/spy#NYSE">SPY</a>) was trading about 0.3% lower Friday, popping up briefly from the low-of-day which saw the market ETF open the session down 0.67% amid concerns of <a href="https://www.benzinga.com/markets/asia/23/08/33914824/chinas-state-owned-developers-in-crisis-global-alarm-over-intensifying-housing-downturn">a global housing crisis</a>.
Fear that the Federal Reserve will continue to hike interest rates into the end of 2023 has made the situation worse, causing the SPY to decline almost 2% since Wednesday, when the Fed released its July <a href="https://www.benzinga.com/markets/bonds/23/08/33897915/fitch-flags-major-credit-risks-amid-sticky-inflation-and-high-interest-rates-bond-market-turmoil-pe">monthly meeting minutes</a>.
Since July 27, when the SPY reached its highest price since&nbsp;March 30, 2022, the ETF has slid over 5% lower &ndash;about half of what would be considered a full market correction. If the SPY drops the full 10%, it may find support and rebound from the <a href="https://www.bing.com/search?q=benzinga+200-day+simple+moving+average&amp;cvid=bc19e561096349c2a8ea3fd5fdfd46fa&amp;aqs=edge.0.0j69i57j69i59l2j69i60l2.2488j0j9&amp;FORM=ANAB01&amp;PC=U531">200-day simple moving average</a> (SMA), which the ETF regained after a long-term bear cycle on March 24 of this year.
The 200-day SMA is an important bellwether. Technical traders and investors consider a stock trading above the level on the daily chart to be in a bull cycle, whereas a stock trading under the 200-day SMA is considered to be in a bear cycle.
The 50-day SMA also plays an important role in technical analysis, especially when paired with the 200-day. When the 50-day SMA crosses below the 200-day SMA, a death cross occurs whereas when the 50-day SMA crosses above the 200-day, a bullish golden cross takes place.
If the SPY continues within its steep downtrend, volatility, which was spiking higher on Friday, may continue to increase. Traders wishing to trade the potential volatility have multiple options, including the ConvexityShares Daily 1x SPIKES Futures ETF (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/spkx#NYSE">SPKX</a>).
SPKX <a href="https://www.convexityshares.com/">is a fund that tracks the SPIKES Futures Short-Term Index</a> and measures volatility in broad-based equities in a similar way to ProShares Ultra VIX Short Term Futures ETF (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/uvxy#NYSE">UVXY</a>), which tracks the movement of the S&amp;P 500 VIX Short-Term Futures Index.
Want direct analysis? Find me in the BZ Pro lounge! <a href="https://benzinga.grsm.io/1ih7p9hphj9p">Click here for a free trial</a>.
The SPY Chart: After gapping down to open Friday&rsquo;s trading session, bulls came in to buy the dip, causing the SPY to jump to near flat. If the SPY closes the trading session near its high-of-day, the ETF will print a bullish <a href="https://www.benzinga.com/money/how-to-read-candlestick-charts">Marubozu candlestick</a>, which could indicate the local bottom has occurred and the stock market will pop higher on Monday.
<ul>
<li>The SPY is trading in a downtrend, making a series of lower highs and lower lows. The most recent lower high was formed on Aug. 14 at $448.11 and the most recent confirmed lower low was printed at the $443.35 mark the day prior.</li>
<li>Because the SPY hasn&rsquo;t bounced since Aug. 14, a pop higher, at least to print another lower high, is a likely scenario. A short-term rebound is also likely on the horizon because the SPY&rsquo;s relative strength index has plunged to about 35%, putting the ETF near oversold territory.</li>
<li>Bulls want to see big bullish volume come in and drive the SPY back up above the 50-day simple moving average (SMA), which could indicate a longer-term rebound is on the horizon. Bears want to see the ETF form a lower high and then for the SPY to continue trending toward the lower 200-day SMA.</li>
<li>The SPY has resistance above at $436.79 and at $447.06 and support below at $429.80 and at $414.89.</li>
</ul>
<img alt="screenshot_2670.png" src="https://www.benzinga.com/files/u278075/screenshot_2670.png" style="height:427px; width:760px" />Read Next:&nbsp;<a href="https://www.benzinga.com/trading-ideas/long-ideas/23/08/33917716/alphabet-google-stock-slides-in-tandem-with-other-faang-stocks-as-investors-fears-ticks-">Alphabet (Google) Stock Slides In Tandem With Other FAANG Stocks As Investors&#39; Fears Ticks Higher</a>
&nbsp;
Image sourced from Shutterstock

Stock Market Continues Slide To End Brutal Week Amid Housing Crisis Woes: The Bull, Bear Case

While the stock market tumbled Thursday, demonstrated by the S&amp;P 500 closing down 0.77%, Bitcoin took a major hit, closing that 24-hour trading session 7.15% lower, amid increased worry the Federal Reserve will continue its rate hike campaign into <a href="https://www.benzinga.com/markets/cryptocurrency/23/08/33906450/bitcoin-ethereum-dogecoin-meltdown-amid-1b-liquidations-in-a-single-day-analyst-predicts-a">the end of the year</a>.
Consequently, volatility in the stock market rose, with the Volatility S&amp;P 500 Index shooting up 6.74% Thursday to close at 17.90.
Fractures in the general market started to appear earlier this week, when major indices lost <a href="https://www.benzinga.com/markets/equities/23/08/33895342/market-sentiment-teeters-as-us-indices-including-s-p-500-break-key-supports-key-levels-to-watch">significant support levels</a>. This caused the ConvexityShares Daily 1.5x SPIKES Futures ETF (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/spky#NYSE">SPKY</a>) to spike higher, which Benzinga<a href="https://www.benzinga.com/trading-ideas/long-ideas/23/08/33898243/stock-market-volatility-jumps-following-fed-monthly-minutes-this-etf-offers-1-5x-leverag"> said was likely to happen on Thursday</a>.
SPKY is<a href="https://www.convexityshares.com/"> a 1.5x leveraged fund</a>, which tracks the SPIKES Futures Short-Term Index and measures volatility in broad-based equities in a similar way to ProShares Ultra VIX Short Term Futures ETF (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/uvxy#NYSE">UVXY</a>), which tracks the movement of the S&amp;P 500 VIX Short-Term Futures Index.
For every 1% daily movement in the <a href="https://www.miaxglobal.com/">SPIKES Futures Short-Term Index</a>, the SPKY fund seeks to move 1.5%, meaning that it&rsquo;s for short-term trades and should not be held for a long period of time.
The SPKY Chart: SPKY broke up clearly from a cup-and-handle formation during the last half of Thursday&rsquo;s session, on higher-than-average volume, which indicated the pattern was recognized. At the end of Thursday&rsquo;s trading day, 16,690 shares of the ETF were exchanged compared to the 10-day average of 9,170.
<ul>
<li>The move higher caused SPKY to negate the downtrend that was occurring within the downward-sloping handle of the cup-and-handle pattern. For a new uptrend to be confirmed, SPKY will eventually need to form a higher low above $4.91, which may provide traders who are bullish on volatility a solid entry point.</li>
<li>On Thursday, SPKY formed a bullish Marubozu candlestick, which indicates higher prices may come on Friday. The second most likely scenario is that the ETF forms an inside bar pattern to consolidate the recent uptick in both price and volume.</li>
<li>Thursday&rsquo;s spike also caused SPKY to regain the 50-day simple moving average as support, which suggests the ETF may be entering at least a short-term bull cycle. When SPKY eventually retraces, the ETF may find support and reverse from that level.</li>
<li>SPKY has resistance above at $6.68 and at $8.87 and support below at $4.97 and at $4.55.</li>
</ul>
<img alt="screenshot_2667.png" src="https://www.benzinga.com/files/u278075/screenshot_2667.png" style="height:427px; width:760px" />Read Next:&nbsp;<a href="https://www.benzinga.com/etfs/23/08/33723058/this-fund-gained-almost-85-so-far-this-year-the-best-volatility-etfs-of-2023">This Fund Gained Almost 85% So Far This Year - The Best Volatility ETFs Of 2023</a>
&nbsp;
Image sourced from Shutterstock

Coverage of Bitcoin, Etherum, Ripple and all the latest digital currencies.

Cryptocurrency

Movers

$BTC

Bitcoin Plunges, Stock Market Volatility Rises: What's Happening And How To Play The Move

Volatility in the stock market was increasing on Thursday due to major stock indices breaking down through the 50-day moving average, which is <a href="https://www.benzinga.com/markets/equities/23/08/33895342/market-sentiment-teeters-as-us-indices-including-s-p-500-break-key-supports-key-levels-to-watch">a critical support level</a>.
The Convexity Daily 1.5x SPIKES Futures ETF (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/spky#NYSE">SPKY</a>), which tracks volatility in the stock market, was rising slightly in reaction to the bearish movement across stocks, causing the ETF to negate its downtrend.
SPKY is a 1.5x leveraged fund that follows the <a href="https://www.miaxglobal.com/">SPIKES Futures Short-Term Index</a>, measuring volatility in broad-based equities similar to the ProShares Ultra VIX Short Term Futures ETF (UVXY), which tracks the S&amp;P 500 VIX Short-Term Futures Index.
With SPKY <a href="https://www.convexityshares.com/">seeking to move 1.5%</a> for every 1% daily movement in the SPIKES Futures Short-Term Index, it is intended for short-term trades and not recommended for long-term holdings.
With the S&amp;P 500 breaking down through support, which is a warning sign that a longer-term correction could be on the horizon, volatility could continue to increase. The Federal Reserve&rsquo;s monthly minutes also revealed <a href="https://www.benzinga.com/economics/macro-economic-events/23/08/33883297/inflation-concerns-rekindle-rate-hike-debate-what-5-top-economists-say-after-july">further monetary tightening</a> could be on the horizon, which could add further downside pressure to the stock market.
Want direct analysis? Find me in the BZ Pro lounge! <a href="https://benzinga.grsm.io/1ih7p9hphj9p">Click here for a free trial</a>.
The SPKY Chart: SPKY popped up above the Aug. 11 high of $5.53 on Thursday, which negated the downtrend with a formation of a higher high. For a new uptrend to confirm, SPKY will eventually need to retrace lower to form a higher low above $4.91.
<ul>
<li>Since July 6, SPKY has been forming a possible cup-and-handle pattern on the daily chart, with the cup formed between that date and Aug. 4 and the handle forming since. On Wednesday, the ETF broke up from the downward-sloping handle but on lower-than-average volume, which could indicate the pattern isn&rsquo;t currently recognized.</li>
<li>The low volume may be due to overhead resistance at the 50-day simple moving average, which technical traders expect to act as a barrier at least temporarily. If SPKY continues to consolidate under the area on decreasing volume, it could signal that the ETF is preparing to break up through the 50-day SMA, which could indicate a longer-term bull cycle is in the cards.</li>
<li>SPKY has resistance above at $6.68 and at $8.76 and support below at $4.97 and at $4.55.</li>
</ul>
<img alt="screenshot_2665.png" src="https://www.benzinga.com/files/u278075/screenshot_2665.png" style="height:427px; width:760px" />Read Next:&nbsp;<a href="https://www.benzinga.com/economics/macro-economic-events/23/08/33897758/us-treasury-yields-hit-highest-in-over-10-years-ackman-scores-early-win-over-buff">US Treasury Yields Hit Highest In Over 10 Years: Ackman Scores Early Win Over Buffett</a>
&nbsp;
Image sourced from Shutterstock

Stock Market Volatility Jumps Following Fed Monthly Minutes: This ETF Offers 1.5X Leverage

Nvidia Corporation (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/nvda#NASDAQ">NVDA</a>) was trading near flat on Wednesday, continuing to consolidate Monday&rsquo;s surge, which saw the stock close that trading session up 8.66%.
The move higher was in tandem with the S&amp;P 500, which was trading flat on below-average volume ahead of the release of the Federal Reserve&rsquo;s July minutes, which will provide investors with clues on whether the central bank&rsquo;s plans to continue its rate hike campaign <a href="https://www.benzinga.com/economics/macro-economic-events/23/08/33875954/federal-reserves-july-minutes-could-reveal-diverging-views-on-interest-rates-whil">into the end of the year</a>.
Once the minutes are issued, volatility in the stock market is likely to increase, especially if the reaction to the news is negative. Traders wishing to trade the potential volatility have multiple options, including the ConvexityShares Daily 1.5x SPIKES Futures ETF (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/spky#NYSE">SPKY</a>).
SPKY is a <a href="https://www.convexityshares.com/">1.5x leveraged fund</a>, which tracks the SPIKES Futures Short-Term Index and measures volatility in broad-based equities in a similar way to ProShares Ultra VIX Short Term Futures ETF (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/uvxy#NYSE">UVXY</a>), which tracks the movement of the S&amp;P 500 VIX Short-Term Futures Index.
For every 1% daily movement in the SPIKES Futures Short-Term Index, the SPKY fund seeks to move 1.5%, meaning that it&rsquo;s for short-term trades and should not be held for a long period of time.
As for Nvidia, the stock has settled into a possible <a href="https://www.benzinga.com/money/stock-chart-patterns">bull flag pattern</a> on the daily chart. If the pattern is recognized, the multinational technology company could be headed back toward all-time highs.
Want direct analysis? Find me in the BZ Pro lounge! <a href="https://benzinga.grsm.io/1ih7p9hphj9p">Click here for a free trial</a>.
The Nvidia Chart: Nivida&rsquo;s bull flat started to form on Monday, with the upwards pole created on that day and the downward sloping flag printing on Monday and Tuesday. If the pattern is recognized, the measured move is just under 9%, which suggests the stock could be headed back toward the $480 level.
<ul>
<li>Although Nvidia looks to be forming a bull flag, the stock remains in a downtrend, which began on July 17. The most recent lower high was formed on Aug. 4 at $456.42 and the most recent lower low was printed at the $403.11 mark on Monday.</li>
<li>If Nvidia suffers a bearish reaction to the Fed&rsquo;s minutes and falls under $403, Tuesday&rsquo;s high-of-day will serve as the next lower high within the pattern, the bull flag will be negated and the downtrend will continue. If the stock breaks up from the bull flag pattern, however, the downtrend will be negated and a new uptrend may be in the cards.</li>
<li>Nvidia has resistance above at $480.88 and at the psychologically important $500 level and support below at $439.90 and at $419.38.</li>
</ul>
<img alt="screenshot_2662.png" src="https://www.benzinga.com/files/u278075/screenshot_2662.png" style="height:427px; width:760px" />Read Next:&nbsp;<a href="https://www.benzinga.com/etfs/23/08/33723058/this-fund-gained-almost-85-so-far-this-year-the-best-volatility-etfs-of-2023">This Fund Gained Almost 85% So Far This Year - The Best Volatility ETFs Of 2023</a>
&nbsp;
Image sourced from Shutterstock

NVDA

Is Nvidia Stock Headed Back Toward All-Time Highs? Here's What The Chart Indicates Ahead Of Fed Minutes

The SPDR S&amp;P 500 (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/spy#NYSE">SPY</a>) was falling about 0.8%s during Tuesday&rsquo;s trading session, while the CBOE Volatility Index (CBOE: VIX) was spiking over 8% at one point amid a retail-heavy earnings week that was preceded by stronger-than-expected retail sales numbers released by the <a href="https://www.benzinga.com/news/retail-sales/23/08/33856963/us-retail-sales-defy-predictions-with-strong-0-7-monthly-growth-in-july">U.S. Census Bureau Tuesday morning</a>.
ConvexityShares Daily 1.5x SPIKES Futures ETF (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/spky#NYSE">SPKY</a>) was trading about 6% higher, attempting to hold above the eight-day exponential moving average, while trading in a possible cup-and-handle pattern.
SPKY is a 1.5x leveraged fund, which tracks the SPIKES Futures Short-Term Index and measures volatility in broad-based equities in a similar way to ProShares Ultra VIX Short Term Futures ETF (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/uvxy#NYSE">UVXY</a>), which tracks the movement of the S&amp;P 500 VIX Short-Term Futures Index.
For every 1% daily movement in the <a href="https://www.miaxglobal.com/">SPIKES Futures Short-Term Index</a>, the SPKY fund seeks to move 1.5%, meaning that it&#39;s for short-term trades and should not be held for a long period of time.
It should be noted SPKY is a short-term trading vehicle and positions in the ETF shouldn&#39;t be held for long periods of time.
Want direct analysis? Find me in the BZ Pro lounge! <a href="https://benzinga.grsm.io/1ih7p9hphj9p">Click here for a free trial</a>.
The SPKY Chart: SPKY started to trade in a possible cup-and-handle pattern on July 6, with the rounded cup formed between that date and Aug. 3 and the downward-sloping handle printing since. The pattern is a bullish reversal formation that is often found at the bottom of a downtrend.
<ul>
<li>Bullish traders want to see the ETF break up from the upper descending trend line of the handle on big bullish volume, which could indicate the short-term downtrend within the latter part of the pattern will end and a strong uptrend could be on the horizon. Bearish traders want to see SPKY continue to reject the top trend line of the handle, which could continue to drag the ETF lower until the cup-and-handle is negated near the $4.75 mark.</li>
<li>SPKY has resistance above at $6.68 and at $8.76 and support below at $4.97 and at $4.55.</li>
</ul>
<img alt="screenshot_2654.png" src="https://www.benzinga.com/files/u278075/screenshot_2654.png" style="height:427px; width:650px" />Read Next:&nbsp;<a href="https://www.benzinga.com/analyst-ratings/analyst-color/23/08/33860926/chinas-central-bank-takes-surprising-step-as-economy-falters-why-americans-should-c">China&#39;s Central Bank Takes Surprising Step As Economy Falters: Why Americans Should Care&nbsp;</a>
Featured image sourced from Shutterstock

Stock Market Slumps, Volatility Spikes Following Better-than-Expected Retail Sales: This Fund Offers 1.5X Returns

Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) was trading near flat during Friday's 24-hour trading session, while Ethereum (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/eth/usd">ETH</a>) and Dogecoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/doge/usd">DOGE</a>) were trading in tandem with the apex crypto following jobs data <a href="https://www.benzinga.com/analyst-ratings/analyst-color/23/08/33578853/5-top-economists-react-to-julys-job-data-insights-on-labor-market-slowdown-and-its-">released by the U.S. Labor Department</a>. 
Non-farm payrolls showed a gain of 187,000 jobs last month, below the expected 200,000 figure, while the unemployment rate dropped back to 3.5%. The numbers and how they compare to data for August will help the Federal Reserve to decide whether to continue hiking interest rates in September after reinstating its tightening campaign in July.&nbsp;
The S&amp;P 500 rose at one point on Friday, reacting positively to the data, before bearish pressure came in and dropped the market ETF down under Thursday&#8217;s low-of-day. In comparison, the crypto market remained muted, mostly consolidating sideways. The consolidation could continue over the weekend, but if Bitcoin breaks up or down from Wednesday's mother bar, a larger move to the upside or downside could be on the horizon. 
If the general market continues to slide next week, volatility in the stock market is likely to increase. 
Traders wishing to trade the potential volatility have multiple options, including the ConvexityShares Daily 1.5x SPIKES Futures ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SPKY#NYSE">SPKY</a>).&nbsp;
SPKY is <a href="https://www.convexityshares.com/">a 1.5x leveraged fund</a>, which tracks the SPIKES Futures Short-Term Index and measures volatility in broad-based equities in a similar way to the ProShares Ultra VIX Short Term Futures ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/UVXY#NYSE">UVXY</a>), which tracks the movement of the S&amp;P 500 VIX Short-Term Futures Index. 
For every 1% daily movement in the SPIKES Futures Short-Term Index, the SPKY fund seeks to move 1.5%, meaning that it's structured for short-term trades and should not be held for a long period of time. 
Want direct analysis? Find me in the BZ Pro lounge!&nbsp;<a href="https://benzinga.grsm.io/1ih7p9hphj9p">Click here for a free trial</a>.&nbsp;
The Bitcoin and Ethereum Charts: Bitcoin and Ethereum have settled into double inside bar patterns on the daily chart, with all of Thursday's and Friday's price action taking place within Wednesday's trading range. Traders can watch for the apex cryptos to eventually break up or down from the mother bar on higher-than-average volume to gauge future direction.&nbsp;
Bitcoin and Ethereum are trading in fairly consistent but shallow downtrends, making a series of lower and lower highs. If big bearish volume eventually enters the cryptos and they continue the downward trajectory, each could eventually test support at the 200-day simple moving average (SMA).&nbsp;
If the cryptos break up from their respective mother bars, the downtrends are likely to be negated and the cryptos could enter into new uptrends. 
Bitcoin has resistance above at $30,050 and at $31,418 and support below at $28,690 and at $27,133. 
<figure class="wp-block-image size-large"><img decoding="async" loading="lazy" width="1024" height="576" src="https://s3.amazonaws.com/editorial.benzinga.com/wp-content/uploads/2023/08/04151315/Screenshot-2637-1024x576.png" alt="" class="wp-image-81547" srcset="https://s3.amazonaws.com/editorial.benzinga.com/wp-content/uploads/2023/08/04151315/Screenshot-2637-1024x576.png 1024w,https://s3.amazonaws.com/editorial.benzinga.com/wp-content/uploads/2023/08/04151315/Screenshot-2637-300x169.png 300w,https://s3.amazonaws.com/editorial.benzinga.com/wp-content/uploads/2023/08/04151315/Screenshot-2637-768x432.png 768w,https://s3.amazonaws.com/editorial.benzinga.com/wp-content/uploads/2023/08/04151315/Screenshot-2637.png 1366w" sizes="(max-width: 1024px) 100vw, 1024px" /></figure>
Ethereum has resistance above at $1,937 and at $2,020 and support below at $1,825 and at $1,717.
<figure class="wp-block-image size-large"><img decoding="async" loading="lazy" width="1024" height="576" src="https://s3.amazonaws.com/editorial.benzinga.com/wp-content/uploads/2023/08/04151333/Screenshot-2638-1024x576.png" alt="" class="wp-image-81548" srcset="https://s3.amazonaws.com/editorial.benzinga.com/wp-content/uploads/2023/08/04151333/Screenshot-2638-1024x576.png 1024w,https://s3.amazonaws.com/editorial.benzinga.com/wp-content/uploads/2023/08/04151333/Screenshot-2638-300x169.png 300w,https://s3.amazonaws.com/editorial.benzinga.com/wp-content/uploads/2023/08/04151333/Screenshot-2638-768x432.png 768w,https://s3.amazonaws.com/editorial.benzinga.com/wp-content/uploads/2023/08/04151333/Screenshot-2638.png 1366w" sizes="(max-width: 1024px) 100vw, 1024px" /></figure>
The Dogecoin Chart: On Wednesday, Dogecoin fell through the bottom horizontal trend line of a descending triangle pattern and lost support at the 200-day SMA, which is bearish. On Thursday, Dogecoin fell lower and on Friday, the crypto was consolidating with an inside bar pattern.&nbsp;
In Dogecoin&#8217;s case, the inside bar leans bearish because the crypto has been trading steeply lower, but like with Bitcoin and Ethereum, traders can watch for a break up or down from Thursday's mother bar on higher-than-average volume to determine future direction, 
Dogecoin has resistance above at $0.075 and $0.083 and support below at $0.07 and $0.065. 
<figure class="wp-block-image size-large"><img decoding="async" loading="lazy" width="1024" height="576" src="https://s3.amazonaws.com/editorial.benzinga.com/wp-content/uploads/2023/08/04151348/Screenshot-2639-1024x576.png" alt="" class="wp-image-81549" srcset="https://s3.amazonaws.com/editorial.benzinga.com/wp-content/uploads/2023/08/04151348/Screenshot-2639-1024x576.png 1024w,https://s3.amazonaws.com/editorial.benzinga.com/wp-content/uploads/2023/08/04151348/Screenshot-2639-300x169.png 300w,https://s3.amazonaws.com/editorial.benzinga.com/wp-content/uploads/2023/08/04151348/Screenshot-2639-768x432.png 768w,https://s3.amazonaws.com/editorial.benzinga.com/wp-content/uploads/2023/08/04151348/Screenshot-2639.png 1366w" sizes="(max-width: 1024px) 100vw, 1024px" /></figure>
Read Next:&nbsp;<a href="https://www.benzinga.com/markets/cryptocurrency/23/08/33573644/revolut-pulls-plug-on-crypto-trading-in-us-blames-changing-regulatory-climate">Revolut Pulls Plug On Crypto Trading In US, Blames &#8216;Changing Regulatory Climate&#8217;</a>
Photo: Unsplash

$DOGE

$ETH

A Look At Bitcoin, Ethereum And Dogecoin Into The Weekend As Stock Market Turns Lower

ProShares Ultra VIX Short-Term Futures ETF 2x Shares

억만장자 투자자 마크 스피츠나겔(Mark Spitznagel)이 이끄는 유니버사 인베스트먼트(Universa Investments) 헤지펀드는 2020년 초 COVID-19 시장 폭락 동안 단 한 분기 만에 4,144%의 수익률을 기록했다. 그가 어떻게 그렇게 했는지<a href="https://www.benzinga.com/markets/equities/24/07/39870083/black-swan-investor-says-greatest-bubble-in-human-history-is-on-the-verge-of-bursting-calls-stoc"> 살펴</a>보겠다.
알아야 할 사항: 스피츠나겔은 2008년 글로벌 금융위기를 정확히 예측하고 &#8220;블랙 스완&#8221; 사건으로 인한 광범위한 시장 폭락 시에 수익을 내는 전문 투자자로 알려져 있다.
다음 읽기: <a href="https://www.benzinga.com/general/travel/25/03/44359238/severe-storm-system-brings-devastation-at-least-42-dead-power-outages-widespread-damage-reported">심각한 폭풍 시스템으로 인한 참사: 최소 42명 사망, 정전, 광범위한 피해 보고 </a>
스피츠나겔의 유니버사 인베스트먼트 펀드의 COVID-19로 인한 막대한 수익은 고객에게 보낸 편지에서 유출되어 <a href="https://markets.businessinsider.com/news/stocks/black-swan-fund-universa-investments-4000-percent-return-hedging-coronavirus-2020-4-1029076165">비즈니스 인사이더</a>가 확인한 바 있다. 편지에서 스피츠나겔은 펀드가 극단적인 시장 하락으로부터 포트폴리오를 보호하기 위해 사용한 &#8220;테일 리스크 헷징&#8221; 전략을 강조했다. 반면, 넓은 시장과 지수는 급격한 하락을 겪었다.
<h1 class="wp-block-heading">테일 리스크 헤징이란?</h1>
테일 리스크는 확률 분포의 극단적인 사건들이 발생할 위험을 의미한다. 테일 리스크 헤징은 극단적인 시장 하락으로부터 포트폴리오를 보호하기 위한 투자 전략으로, 금융 상품과 전략의 조합을 자주 사용한다.
테일 리스크 헤징 전략은 일반적으로 풋 옵션, 신용 부도 스왑, 변동성 지수 선물, 미국 국채 또는 이들의 조합을 사용한다.
투자자들은 Cambria Tail Risk ETF(BATS:<a class="ticker" href="https://www.benzinga.com/stock/TAIL#BATS">TAIL</a>)를 통해 S&amp;P 500 지수의 아웃 오브 더 머니(OTM) 풋 옵션 포트폴리오와 미국 국채를 보유하여 위험을 완화하는 테일 리스크 헤지를 쉽게 이용할 수 있다.
ProShares Trust Ultra VIX 단기 선물 ETF(BATS:<a class="ticker" href="https://www.benzinga.com/stock/UVXY#BATS">UVXY</a>)는 S&amp;P 500 VIX 단기 선물 지수의 일일 성과에 1.5배 레버리지로 노출되며, 테일 리스크 헤징 전략의 일부가 될 수 있다.
사진: Shutterstock 
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