SNXX is now around 14.8u. The wave last night pushed down to 13.74; we’ve essentially pulled back from that.
First, let me talk about the bright spots I saw. This rebound isn’t driven only by short-covering. The contract’s active buy orders account for 55%, and in 7 hours the volume surged by nearly half. Meanwhile, big accounts’ long positions for 7 hours also added almost 20%, and the account count is increasing in step. The funding rate is still zero, which suggests the entry didn’t come with excessive leverage cost being piled up. The low at 13.74 was truly bought with real money.
But the trend hasn’t flipped yet. Price is still below the two 15-minute moving averages, and the 4-hour direction is still pointing downward. Contract open interest also cut by about 10% over 7 hours—overall leverage is being withdrawn rather than added. On the order book, buy and sell are basically balanced; there isn’t that kind of one-sided sweep.
In plain terms, this is an in-between state: there are buyers absorbing at low levels, but the direction hasn’t been confirmed. Also, this is a 2X leveraged ETF—when it falls, losses are amplified. Chasing the rebound here has very low margin for error.
My stance is to observe first, not chase. Either wait for it to rally with volume and reclaim both moving averages, or wait for a retest around 13.7 that doesn’t break, then consider a low buy—those are more comfortable setups. If you rush in now, you’re only betting the rebound can continue, not betting on a trend reversal.
#snxx $SNXX
First, let me talk about the bright spots I saw. This rebound isn’t driven only by short-covering. The contract’s active buy orders account for 55%, and in 7 hours the volume surged by nearly half. Meanwhile, big accounts’ long positions for 7 hours also added almost 20%, and the account count is increasing in step. The funding rate is still zero, which suggests the entry didn’t come with excessive leverage cost being piled up. The low at 13.74 was truly bought with real money.
But the trend hasn’t flipped yet. Price is still below the two 15-minute moving averages, and the 4-hour direction is still pointing downward. Contract open interest also cut by about 10% over 7 hours—overall leverage is being withdrawn rather than added. On the order book, buy and sell are basically balanced; there isn’t that kind of one-sided sweep.
In plain terms, this is an in-between state: there are buyers absorbing at low levels, but the direction hasn’t been confirmed. Also, this is a 2X leveraged ETF—when it falls, losses are amplified. Chasing the rebound here has very low margin for error.
My stance is to observe first, not chase. Either wait for it to rally with volume and reclaim both moving averages, or wait for a retest around 13.7 that doesn’t break, then consider a low buy—those are more comfortable setups. If you rush in now, you’re only betting the rebound can continue, not betting on a trend reversal.
#snxx $SNXX
