Green day on Tuesday for SPY ETF after gaining 0.137%

The SPY ETF price gained 0.137% on the last trading day (Tuesday, 27th Aug 2024), rising from $560.79 to $561.56. During the last trading day the ETF fluctuated 0.670% from a day low at $558.32 to a day high of $562.06. The price has risen in 7 of the last 10 days and is up by 3.6% over the past 2 weeks. Volume fell on the last day by -641 thousand shares and in total, 32 million shares were bought and sold for approximately $18.05 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 2.78% during the next 3 months and, with a 90% probability hold a price between $535.79 and $588.05 at the end of this 3-month period.

The SPY ETF holds buy signals from both short and long-term Moving Averages giving a positive forecast for the stock. Also, there is a general buy signal from the relation between the two signals where the short-term average is above the long-term average. On corrections down, there will be some support from the lines at $559.94 and $547.89. A breakdown below any of these levels will issue sell signals. Furthermore, there is a buy signal from the 3 month Moving Average Convergence Divergence (MACD). 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. 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 Friday, August 23, 2024. Further fall is indicated until a new bottom pivot has been found.

On the downside, the ETF finds support just below today's level from accumulated volume at $532.90 and $527.37.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 $532.90. If this is broken, then the next support from accumulated volume will be at $527.37 and $517.38.

This ETF has average movements during the day and with good trading volume, the risk is considered to be medium. During the last day, the ETF moved $3.74 between high and low, or 0.670%. For the last week, the ETF has had daily average volatility of 1.08%.

The SPY ETF is extremely overbought on RSI14 (88). This increases the short-term risk substantially.

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.