Green day on Friday for SPY ETF after gaining 0.139%

The SPY ETF price gained 0.139% on the last trading day (Friday, 5th Jan 2024), rising from $467.34 to $467.99. During the last trading day the ETF fluctuated 0.86% from a day low at $466.43 to a day high of $470.43. The price has risen in 6 of the last 10 days but is still down by -0.06% for this period. Volume has increased on the last day along with the price, which is a positive technical sign, and, in total, 15 million more shares were traded than the day before. In total, 86 million shares were bought and sold for approximately $40.04 billion.

The ETF lies in the middle of a strong rising trend in the short term and a further rise within the trend is signaled.Given the current short-term trend, the ETF is expected to rise 13.89% during the next 3 months and, with a 90% probability hold a price between $518.44 and $548.31 at the end of this 3-month period.

The SPY ETF holds a sell signal from the short-term Moving Average; at the same time, however, there is a buy signal from the long-term average. Since the short-term average is above the long-term average there is a general buy signal in the ETF giving a positive forecast for the stock. On further gains, the ETF will meet resistance from the short-term Moving Average at approximately $472.19. On a fall, the ETF will find some support from the long-term average at approximately $463.26. A break-up through the short-term average will send a buy signal, whereas a breakdown through the long-term average will send a sell signal. Volume is rising along with the price. This is considered to be a good technical signal. Some negative signals were issued as well, and these may have some influence on the near short-term development. A sell signal was issued from a pivot top point on Thursday, December 28, 2023, and so far it has fallen -1.83%. 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).

On the downside, the ETF finds support just below today's level from accumulated volume at $429.54 and $426.43.There is a natural risk involved when a ETF is testing a support level, since if this is broken, the ETF then may fall to the next support level. In this case, SPY finds support just below today's level at $429.54. If this is broken, then the next support from accumulated volume will be at $426.43 and $412.55.

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 $4.00 between high and low, or 0.86%. For the last week the ETF has had daily average volatility of 0.760%.

Several short-term signals, along with a general good trend, are positive and we conclude that the current level may hold a buying opportunity as there is a fair chance for SPY ETF to perform well in the short-term.