C'mon guys there's so missinformation on this board regarding how SRS trades its incredible. Most of you don't even understand what you hold.
This stock does not follow the IYR or Retail Index(DJUSRE)directly----its hold Swaps while the Indexes hold individual stocks. Therefore at any particular time the Index is valued based on its underlying components while the SRS just trades on daily swings.
BTW: the SRS follows the DJUSRE directly and I assume the IYR follows the DJUSRE.
So let's take an extreme example. Let's assume Friday the IYR opens at $66 or 100% from todays close. The SRS would open 200% from close $120 so therefore $360.
Let's say Monday that whatever caused the IYR to open 100% up was incorrect news and therefore the IYR opens off 50% back to $33. The SRS would lose almost all its value from $360 and now a single digit stock.
The SRS only cares about daily moves or consecutive daily moves. It doesn't care about the underlying value of the components of the Real Estate index. Therefore support levels or technical analysis doesn't work with Ultra ETFs.