Green day on Tuesday for SPY ETF after gaining 1.64%

The SPY ETF price gained 1.64% on the last trading day (Tuesday, 13th Aug 2024), rising from $533.27 to $542.04. It has now gained 4 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 1.12% from a day low at $536.28 to a day high of $542.28. The price has risen in 6 of the last 10 days and is up by 0.01% over the past 2 weeks. Volume has increased on the last day along with the price, which is a positive technical sign, and, in total, 12 million more shares were traded than the day before. In total, 51 million shares were bought and sold for approximately $27.60 billion.

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 2.49% during the next 3 months and, with a 90% probability hold a price between $531.65 and $583.44 at the end of this 3-month period.

A buy signal was issued from a pivot bottom point on Monday, August 05, 2024, and so far it has risen 4.77%. Further rise is indicated until a new top pivot has been found. 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. 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 $545.63. On a fall, the ETF will find some support from the short-term average at $528.12. 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).

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 $6.00 (1.12%) between high and low. For the last week, the ETF has had daily average volatility of 1.51%.

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.