TZA - a slightly higher low

Whilst the main indexes of the Dow and Sp' have put in higher highs in the past few weeks, the Rus'2000 small cap index has failed (along with the Transports).

TZA reflects this weakness, and despite the decay inherent in such 3x leveraged instruments, it has put in a higher low - relative to late March and early July.


TZA, daily

Summary

In price terms TZA is battling hard to hold above the recent low of 16.63.

First upside target for the bears is 19..and then 20.
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The stop level for anyone adding new TZA is very clear, somewhere between 16.50 and 16.00.  Arguably, any break into the 15s, would be suggestive of autumnal downside to $10.