Green day on Monday for SPY

The SPY ETF price gained 0.0826% on the last trading day (Monday, 12th Aug 2024), rising from $532.83 to $533.27. It has now gained 3 days in a row. It will be exciting to see whether it manages to continue gaining or take a minor break for the next few days. During the last trading day the ETF fluctuated 0.90% from a day low at $530.95 to a day high of $535.73. The price has been going up and down for this period, and there has been a -2.11% loss for the last 2 weeks. Volume fell on the last day by -6 million shares and in total, 38 million shares were bought and sold for approximately $20.51 billion. You should take into consideration that falling volume on higher prices causes divergence and may be an early warning about possible changes over the next couple of days.

The ETF lies in the middle of a weak 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 2.80% during the next 3 months and, with a 90% probability hold a price between $533.14 and $585.47 at the end of this 3-month period.

There are mixed signals in the ETF today. The SPY ETF holds a buy signal from the short-term Moving Average; at the same time, however, the long-term average holds a general sell signal. Since the longterm average is above the short-term average there is a general sell signal in the ETF giving a more negative forecast for the stock. On further gains, the ETF will meet resistance from the long-term Moving Average at $545.65. On a fall, the ETF will find some support from the short-term average at $526.82. A break-up through the long-term average will give another buy signal, while a fall below the short-term average will add another sell signal and strengthen the general signal. Furthermore, there is currently a sell signal from the 3 month Moving Average Convergence Divergence (MACD). A buy signal was issued from a pivot bottom point on Monday, August 05, 2024, and so far it has risen 3.07%. Further rise is indicated until a new top pivot has been found. Volume fell during the last trading day despite gaining prices. This causes a divergence between volume and price and it may be an early warning. The ETF should be watched closely.

SPY finds support from accumulated volume at $532.90 and this level may hold a buying opportunity as an upwards reaction can be expected when the support is being tested.

This ETF is usually traded at a good volume, and with minor daily changes, the risk is considered to be low. During the last day, the ETF moved $4.78 (0.90%) between high and low. For the last week, the ETF has had daily average volatility of 1.75%.

SPY holds several positive signals, but we still don't find these to be enough for a buy candidate. At the current level, it should be considered as a hold candidate (hold or accumulate) in this position whilst awaiting further development.