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[123tom]

S+P 500 and UPRO

UPRO is the 3x bullish S+P ETF
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S+P 500 begins its pullback now, from the peak zone around 2850 area, (peaked in a pop to 2860, but the math looks more correct to me in the pattern at 2850 area.) It falls first to test 2825 then 2812 ,a bounce fails at 2830 area, then a decisive drop down today to 2800.
Its looking technical as it steps down stairs, at some point support kicks in ,maybe here at 2800 or the next lower steps around 2780/2775 area,and 2760 would be looking like a bargain dip to buy, if the S+P is to remain in a bullish rally pattern. The old resistance zone that needed overcoming is that 2760/2775 area, and now it becomes the central support zone that needs to hold.
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Translating the S+P chart to the UPRO chart, looks similar, and the central pullback zone is the 47-46 area on the chart.
UPRO (3X bullish S+P ETF)