Ultra Financials ProShares(UYG) is in an downtrend

(23-May-2008) (23-May-2008) Ultra Financials ProShares(UYG) closed at 30.08, up 0.83 or 2.84 % for the day. Based on our analysis, Ultra Financials ProShares(UYG) is in an downtrend.

The closing price of Ultra Financials ProShares(UYG) is below its 50 day moving average of 32.08 (Designated by blue line). This indicates that the trend is down. The MACD histogram(Gray bars on the bottom) below the signal line(Dark Red Line) tells us that Ultra Financials ProShares(UYG) is losing momentum. The loss of momentum in a downtrend confirms that the downtrend is intact. The MACD histogram crossed below the signal line on 8-May-2008, about 16 trading days ago.