SOXS is currently around 38.35u. It just bounced back from the low at 36.97. In the last 24 hours, it’s still down nearly 5%, but the momentum in the short term has started to change.
First, let’s see where this money is coming from. On the futures/contract side, the open interest over the past 7 hours increased by more than 11%. The aggressive buy orders account for 73%—and the buy volume is roughly 2.5 times the sell volume. This rebound isn’t just shorts getting squeezed by a “pull up”; there are actually buyers entering the contracts. Price has also regained the two 15-minute moving averages, and the candle that bounced off the low did so fairly decisively.
But don’t rush to call it a reversal. The four-hour and daily structures are still being pushed downward, so the broader trend hasn’t changed. More importantly, spot large-order capital hasn’t put in a single cent throughout that entire window, which suggests the big money hasn’t truly stepped in yet. This move is mainly being driven by the contract side. Over the past 7 hours, the proportion of longs in large-holder accounts has dropped by nearly 10%. Smart money isn’t adding alongside.
So I won’t chase here. There’s futures/contract funding supporting this short-term bounce, but whether it can go further depends on whether the spot side can hold up. Either wait for a pullback that doesn’t break below 36.97 to go long on the dip, or wait for a breakout with volume that holds above the prior high. Entering now doesn’t offer good risk-reward.
With a 3x leveraged product, volatility is naturally high. If you get the direction wrong, it can swing back and forth by a few percentage points easily. Better to observe first and enter only after confirmation is stronger.
#soxs $SOXS
First, let’s see where this money is coming from. On the futures/contract side, the open interest over the past 7 hours increased by more than 11%. The aggressive buy orders account for 73%—and the buy volume is roughly 2.5 times the sell volume. This rebound isn’t just shorts getting squeezed by a “pull up”; there are actually buyers entering the contracts. Price has also regained the two 15-minute moving averages, and the candle that bounced off the low did so fairly decisively.
But don’t rush to call it a reversal. The four-hour and daily structures are still being pushed downward, so the broader trend hasn’t changed. More importantly, spot large-order capital hasn’t put in a single cent throughout that entire window, which suggests the big money hasn’t truly stepped in yet. This move is mainly being driven by the contract side. Over the past 7 hours, the proportion of longs in large-holder accounts has dropped by nearly 10%. Smart money isn’t adding alongside.
So I won’t chase here. There’s futures/contract funding supporting this short-term bounce, but whether it can go further depends on whether the spot side can hold up. Either wait for a pullback that doesn’t break below 36.97 to go long on the dip, or wait for a breakout with volume that holds above the prior high. Entering now doesn’t offer good risk-reward.
With a 3x leveraged product, volatility is naturally high. If you get the direction wrong, it can swing back and forth by a few percentage points easily. Better to observe first and enter only after confirmation is stronger.
#soxs $SOXS