New York, March 8th (TradersHuddle.com) - Shares of ProShares Ultra S&P500 (NYSE:SSO) closed the session at $70.93 just above calculated resistance at $69.61. The stock moved to what appears to be a higher range, spurring attention from momentum buyers.
ProShares Ultra S&P500 (NYSE:SSO) is a fund that seeks daily investment results that correspond to twice the daily performance of the S&P 500 Index. The S&P 500 Index is a measure of large-cap U.S. stock market performance, which includes 500 United States operating companies and real estate investment trusts selected by the S&P U.S. Index Committee through a non-mechanical process that factors criteria, such as liquidity, price, market capitalization and financial viability.
The stock was trading in a well defined range with support at $65.48 and resistance at $69.61. Given that this range was broken, traders will be closely monitoring ProShares Ultra S&P500's price action to gather clues on the future direction.
From a technical perspective, it can be expected that previous resistance becomes support, as the new range gets defined. However, given that ProShares Ultra S&P500 is still near the broken resistance level, traders will be focusing on the $69.61 level to see if the stock holds the breakout without rolling over.
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