Direxion Daily Real Estate Bear 3x (DRV)

[maybe_this_time]

Tried to put together some various stuff I've been looking at in my own charts and here is a weekly chart of the S&P 500



Looks to me we are still in our current uptrend channel and we busted through 200 day line in the process. This resistance I was looking at failed. It looks like we are right at another resistance point, an old support level, which we failed to break through at the flash crash. If the S&P doesn't fail again, a move higher to around 1280 is possible. The RSI is also relatively lower as compared to the last time we were here. A failure might prompt another significant move down. The MACD is significantly lower also.

Looking at the daily chart



We've busted above our current channel. All the indicators are off the charts. Maybe we'll see some profit taking here. Or maybe we move even higher. There was an inverse head and shoulders that John Murphy pointed out as a bullish indicator, which I didn't respect... He says the ultimate move up above the old resistance could be the hieght of the inverse head. This is 120 points and takes us up to 1250.

What all this tells me there is a possible move higher from here. But I also see strong pontential for a pullback of some kind right based on the current channel. It may take a little longer before the next real leg down...

If I don't see red Monday afternoon may close my current short positions.