SNXX is currently around 16.75u. In five days it was pulled from just over 10 to here—an increase close to 70%. The rally is fierce, but I don’t intend to chase at this level.
The structure hasn’t really broken. The price is still above the 15-minute dual moving averages, and the 4-hour trend indicator is still writing UP. The issue is in the details: the most recent several 4-hour candles are split roughly half bullish and half bearish, with price grinding all day back and forth between 16.34 and 16.77. After the rise, it has clearly entered a range-bound consolidation. In the order book, sell orders are heavier than buy orders. The high at 16.77 has been constantly capped.
On the contract side, though, buyers are in advantage. The share of active buy orders is over 60%, and open interest also increased by nearly 7% in a day. The fee rate is basically near zero, so it’s not overly crowded with longs. Short-term capital also doesn’t look like it’s pulling out.
But there are two things making me hesitate. First, this is a 2x leveraged ETF, where volatility is already amplified. In a sideways consolidation, the whipsaw alone chews up positions. Second, on the large-account side, the long ratio is below 40%, which doesn’t line up with the slightly more bullish positioning on the positioning side—bulls and bears haven’t fully committed on either end.
So my current stance is to wait and see. If you already hold, keep watching whether 16.77 can break through with volume. If you don’t have a position, I don’t recommend chasing here. Wait for a pullback to the dual moving averages or a breakout with volume—then going in will be much more comfortable.
#snxx $SNXX
The structure hasn’t really broken. The price is still above the 15-minute dual moving averages, and the 4-hour trend indicator is still writing UP. The issue is in the details: the most recent several 4-hour candles are split roughly half bullish and half bearish, with price grinding all day back and forth between 16.34 and 16.77. After the rise, it has clearly entered a range-bound consolidation. In the order book, sell orders are heavier than buy orders. The high at 16.77 has been constantly capped.
On the contract side, though, buyers are in advantage. The share of active buy orders is over 60%, and open interest also increased by nearly 7% in a day. The fee rate is basically near zero, so it’s not overly crowded with longs. Short-term capital also doesn’t look like it’s pulling out.
But there are two things making me hesitate. First, this is a 2x leveraged ETF, where volatility is already amplified. In a sideways consolidation, the whipsaw alone chews up positions. Second, on the large-account side, the long ratio is below 40%, which doesn’t line up with the slightly more bullish positioning on the positioning side—bulls and bears haven’t fully committed on either end.
So my current stance is to wait and see. If you already hold, keep watching whether 16.77 can break through with volume. If you don’t have a position, I don’t recommend chasing here. Wait for a pullback to the dual moving averages or a breakout with volume—then going in will be much more comfortable.
#snxx $SNXX