SPY ETF Forecast

Stronger technical forecast for SPY ETF price after Wednesday trading.
(Updated on Apr 17, 2024)

SPY Signals & Forecast

There are few to no technical positive signals at the moment. The SPY ETF holds sell signals from both short and long-term Moving Averages giving a more negative forecast for the stock. Also, there is a general sell signal from the relation between the two signals where the long-term average is above the short-term average. On corrections up, there will be some resistance from the lines at $510.12 and $514.58. A break-up above any of these levels will issue buy signals. A sell signal was issued from a pivot top point on Wednesday, March 27, 2024, and so far it has fallen -4.32%. Further fall is indicated until a new bottom pivot has been found. Furthermore, there is currently a sell signal from the 3 month Moving Average Convergence Divergence (MACD). Volume rose on falling prices yesterday. This may be an early warning and the ETF should be followed more closely.

Support, Risk & Stop-loss for SPY ETF

SPY finds support from accumulated volume at $494.08 and this level may hold a buying opportunity as an upwards reaction can be expected when the support is being tested.

In general the ETF tends to have very controlled movements and with good liquidity the risk is considered very low in this stock. During the last day, the ETF moved $7.09 between high and low, or 1.42%. For the last week the ETF has had daily average volatility of 1.47%.

SPY is oversold on RSI14 (24). Some ETFS may drop long and hard while being oversold on RSI before turning, which increases the general risk.

Our recommended stop-loss: $480.33 (-4.04%) (This ETF has low daily movements and this gives low risk. Low RSI14 is 24 which reduces the risk some. There is a sell signal from a pivot top found 14 days ago.)

Trading Expectations (SPY) For The Upcoming Trading Day Of Thursday 18th

For the upcoming trading day on Thursday, 18th we expect SPDR S&P 500 ETF to open at $501.97, and during the day (based on 14 day Average True Range), to move between $494.72 and $506.38, which gives a possible trading interval of +/-$5.83 (+/-1.16%) up or down from last closing price. If SPDR S&P 500 ETF takes out the full calculated possible swing range there will be an estimated 2.33% move between the lowest and the highest trading price during the day.

Since the stock is closer to the support from accumulated volume at $494.08 (1.29%) than the resistance at $509.67 (1.82%), our systems sees the trading risk/reward intra-day as attractive and believe profit can be made before the stock reaches first resistance..

Is SPDR S&P 500 ETF ETF A Buy?

SPY holds several negative signals and this should be a sell candidate, but due to the general chance for a turnaround situation it should be considered as a hold candidate (hold or accumulate) in this position whilst awaiting further development. We have upgraded our analysis conclusion for this ETF since the last evaluation from a Sell to a Hold/Accumulate candidate.

Current score: -0.569 Hold/Accumulate Upgraded

Predicted Opening Price for SPDR S&P 500 ETF of Thursday, April 18, 2024

The predicted opening price is based on yesterday's movements between high, low, and closing price.