Is ProShares Ultra S&P500 Closing in to Resistance?

sso New York, May 2nd (TradersHuddle.com) - Shares of ProShares Ultra S&P500 (NYSE:SSO) are trading very close to calculated resistance at $75.83. The stock ended the trading session at just $74.43, which is near levels that make it difficult to buy or start a position.

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.

ProShares Ultra S&P500's stock range is defined by its calculated support defined at $70.11 and by the resistance level at $75.83; the stock is clearly over-extended from support, making it harder for participants to establish fresh longs.

Traders don't have a clear entry point for ProShares Ultra S&P500. However, as the stock pulls back towards $70.11 it will definitely provide a reference point to establish a trade. On the other hand, if the stock breaks above its resistance level at $75.83 then traders will get an opportunity to enter the stock as it moves to a higher range.

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