When the Price of Proshares Ultra S&p 500 SSO Talks, People Listen

September 19, 2022, 16:00 pm ET, BY John- Contributor| Editor: Thomas H. Kee Jr. (Follow on LinkedIn)

This is not EF Hutton, but it could be more #powerful.  A picture speaks a thousand words, they say, and the #priceaction of Proshares Ultra S&p 500 (NYSE: SSO) tells an important story.  The movement tells us where investors perceive value, or the lack of it, and if we pay attention we can capture opportunity.  The data below for SSO can be used as an example, and demonstrate how to do this for other stocks too.  This data was current at the time of publication, but it is not updated in real time here. If you want real time updates, or data on a different stock, please get one here Unlimited Real Time Reports. 

Longer Term Trading Plans for SSO

• Buy SSO slightly over 40.62 target 48.33 stop loss @ 40.5 Details

The technical summary data tells us to buy SSO near 40.62 with an upside target of 48.33. This data also tells us to set a stop loss @ 40.5 to protect against excessive loss in case the stock begins to move against the trade. 40.62 is the first level of support below 47.1 , and by rule, any test of support is a buy signal. In this case, support 40.62 would be being tested, so a buy signal would exist.

• Short SSO under 48.33, target 40.62, stop loss @ 48.47 Details

The technical summary data is suggesting a short of SSO as it gets near 48.33 with a downside target of 40.62. We should have a stop loss in place at 48.47though. 48.33 is the first level of resistance above 47.1, and by rule, any test of resistance is a short signal. In this case, if resistance 48.33 is being tested, so a short signal would exist.

Swing Trading Plans for SSO

• Buy SSO slightly over 48.33, target 50.25, Stop Loss @ 48.19 Details

If 48.33 begins to break higher, the technical summary data tells us to buy SSO just slightly over 48.33, with an upside target of 50.25. The data also tells us to set a stop loss @ 48.19 in case the stock turns against the trade. 48.33 is the first level of resistance above 47.1, and by rule, any break above resistance is a buy signal. In this case, 48.33, initial resistance, would be breaking higher, so a buy signal would exist. Because this plan is based on a break of resistance, it is referred to as a Long Resistance Plan.

• Short SSO near 48.33, target 46.59, Stop Loss @ 48.47. Details

The technical summary data is suggesting a short of SSO if it tests 48.33 with a downside target of 46.59. We should have a stop loss in place at 48.47 though in case the stock begins to move against the trade. By rule, any test of resistance is a short signal. In this case, if resistance, 48.33, is being tested a short signal would exist. Because this plan is a short plan based on a test of resistance it is referred to as a Short Resistance Plan.

Day Trading Plans for SSO

• Buy SSO slightly over 48.33, target 50.25, Stop Loss @ 48.22 Details

If 48.33 begins to break higher, the technical summary data tells us to buy SSO just slightly over 48.33, with an upside target of 50.25. The data also tells us to set a stop loss @ 48.22 in case the stock turns against the trade. 48.33 is the first level of resistance above 47.1, and by rule, any break above resistance is a buy signal. In this case, 48.33, initial resistance, would be breaking higher, so a buy signal would exist. Because this plan is based on a break of resistance, it is referred to as a Long Resistance Plan.

• Short SSO near 48.33, target 46.59, Stop Loss @ 48.44. Details

The technical summary data is suggesting a short of SSO if it tests 48.33 with a downside target of 46.59. We should have a stop loss in place at 48.44 though in case the stock begins to move against the trade. By rule, any test of resistance is a short signal. In this case, if resistance, 48.33, is being tested a short signal would exist. Because this plan is a short plan based on a test of resistance it is referred to as a Short Resistance Plan.

SSO Ratings for September 19:

Term →	Near	Mid	Long
Rating	Weak	Weak	Weak
P1	0	0	40.62
P2	44.55	46.59	48.33
P3	46.23	50.25	55.67

Support and Resistance Plot Chart for SSO

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