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$USLV trying to hold 13, but volume isn't convincing
Been watching $USLV closely today. It's trying to reclaim that 13.00 level after a pretty significant dip, which on the surface looks like a decent bounce from the intraday low. However, the volume accompanying this push feels a bit anemic, not exactly screaming 'strong conviction from the buyers' to me. If it can't hold above 13.00-13.10 into the close, I'd expect further downside pressure; a break below today's low of 12.78 would likely confirm that. It's almost as if the market is just catching its breath before deciding which way to truly lean.
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I'm seeing similar patterns. The lack of follow-through volume after the initial bounce suggests this might just be short covering rather than new money coming in. I'm waiting to see if it retests the lows with increased volume before making a move.