Volume price analysis signals and potential set-ups appear across all markets and timeframes. In this recording, we consider the DXY, the indices and how rising prices, falling volume and key resistance from the volume point of control is likely to halt the recent bounce.
We also take a look at Direxion Daily Semiconductor Bull 3X Shares (NYSE:SOXL), a triple leveraged ETF that tracks the ICE Semiconductor Index. One of my Twitter followers brought it to my attention as he had spotted a significant anomaly on the weekly chart. Any triple-leveraged ETF is, by definition, risky, but the volume involved is huge, and the ETF is also very liquid. My take is that while it was a great signal, we should always consider it in the context of support and resistance, particularly on a slower timeframe which, in this case, is the monthly chart.
It’s interesting to see that SOXL is approaching the key support on this timeframe.