Convexity Daily 1x SPIKES Futures ETF (NYSE:SPKX) was trading over 2% higher on Thursday, bouncing up from near the $9 level, which acted as support over the last four trading sessions, holding the ETF up from continuing in a downtrend pattern.

SPKX is a fund that tracks the SPIKES Futures Short-Term Index and measures volatility in broad-based equities in a similar way to ProShares Ultra VIX Short Term Futures ETF (NYSE:UVXY), which tracks the movement of the S&P 500 VIX Short-Term Futures Index.

The Federal Reserve’s next meeting is on July 25 and 26, when the central bank is largely expected to announce another 0.25% rate hike after pausing its campaign in June.

On the earnings front, Tesla and Netflix printed second-quarter earnings on Wednesday and were suffering bearish reactions on Thursday, drawing the S&P 500 lower and causing the VIX to pop about 1.9% higher.

As the Fed’s meeting draws nearer and more big-tech companies report earnings, volatility in the stock market could continue to increase, which could send SPKX higher. From a technical perspective, SPKX looks set to bounce over the coming days because the ETF was looking to print a bullish engulfing candlestick on the daily chart.

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The SPKX Chart: SPKX was printing a bullish engulfing candlestick Thursday on far-above-average volume, indicating a bounce could continue on Friday. As of late Thursday morning, SPKX’s trading volume was measuring in at over 13,600 compared to the 10-day average of 6,433, which indicates investors are bullish on the ETF and bearish on the stock market.

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