SARK,DRIP, ERY Among Key Inverse ETF Setups
$Tradr 1X Short Innovation Daily ETF(SARK)$ - Inverse 2x $ARK Innovation ETF(ARKK)$ at 200-MA Rejection with 6-Month RS, and strongest YTD asset XAUUSD pullback to 20-MA.
Bullish pennant forming at 7.4% ADR, with price compressing toward the apex of a descending wedge, potential breakout setup aligned with short term extension observed across MMTW of current market context. Major index in both cap and equal weighted (except $iShares Russell 2000 ETF(IWM)$ ) sold intraday into low ahead of pre-market NFP. I personally do not think the odds is favorable for a further swing long exposure to equities if you are already sat with exposure. We will have the 3rd FOMC next Wednesday (8 times a year).
For those who see the market as a short-term rubber band stretch, I’m eyeing tightly spring coiled setups in inverse ETFs right now. The path of least resistance favors downside range expansion over chasing an eighth consecutive up session. Other symbols right behind SARK are $Direxion Daily S&P Oil & Gas Exp. & Prod. Bear 2X Shares(DRIP)$ $Direxion Daily Energy Bear 2x Shares(ERY)$ $ProShares UltraPro Short Dow30(SDOW)$. Strongest YTD group remains XAUUSD $GLD even after a 1 week pull back
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