With no chart data available, it's a little tricky to assess the market trend or note any key support or resistance levels, volume trends, or RSI data. However, from the news available, it seems like there's a mixed bag of sentiment around the newly launched 4X leveraged S&P 500 ETN by BMO. There's talk of high risk and a bubble brewing in the market owing to the 'Investing on Steroids' trend, which often characterizes leveraged funds. This seems to be a cause for concern as it suggests the potential for a bearish phase. The caution with which market participants are observing this move - considering it equivalent to gambling - further implies the same. On the other hand, some advocate the use of the 4X SPX fund to build a smart portfolio and suggest awaiting better entries, which indicates bullish sentiment. It suggests that with the right strategic approach, this form of leverage could potentially yield significant returns. It's crucial here to weigh the different perspectives and be conscious of the risk inherent in leveraged products, as they can magnify not just potential profits, but also potential losses. The volatility and the higher-than-average risk associated with these ETNs would likely attract a specific type of investor. Therefore, anyone considering it must ensure they have a high risk tolerance and an understanding of leverage's nuances.