on friday the convexity daily 15x spikes futures etf spky was consolidating over 5 lower after surging about 11 on thursday which benzinga called out was likely to happen on monday spky is a 15x leveraged fund that follows the spikes futures shortterm index measuring volatility in broadbased equities similar to the proshares ultra vix short term futures etf uvxy which tracks the sp 500 vix shortterm futures index with spky seeking to move 15 for every 1 daily movement in the spikes futures shortterm index it is intended for shortterm trades and not recommended for longterm holdings following the federal reserve’s decision on wednesday to apply a 025 rate hike and reinstate its tightening campaign the spdr sp 500 spy dropped 142 of its highofday on thursday after gapping up to open the wild price action caused volatility in the stock market to increase on friday the spy and spky were consolidating with inside bar patterns on lowerthanaverage volume indicating traders and investors are taking a breather from the stock market want direct analysis find me in the bz pro lounge click here for a free trial the spky chart spky’s inside bar leans bullish because the etf was trading higher prior to forming the pattern traders can watch for spky to break up or down from thursday’s mother bar on higherthanaverage volume to gauge future direction   on july 19 and thursday spky tested support near the 455 mark and bounced up from the area causing a double bottom pattern to print the pattern is bullish suggesting a further move to the upside could be on the horizon   if spky moves higher over the coming trading days its downtrend will be negated and an uptrend may form if the etf breaks down from the inside bar pattern however the downtrend will be intact and spky could find new lows   spky has resistance above at 497 and at 668 and support below at 455 and at the psychologically important 4 mark read more feds favored inflation gauge cools to 2year lows strong spending keeps fed rate bets steady