Red day on Friday for SPYStockInvest.us, 4 days ago
The SPY ETF price fell by -1.68% on the last day (Friday, 23rd Sep 2022) from $374.22 to $367.95. It has now fallen 5 days in a row. During the last trading day the ETF fluctuated 2.02% from a day low at $363.29 to a day high of $370.62. The price has fallen in 7 of the last 10 days and is down by -9.51% for this period. Volume has increased on the last day by 33 million shares but on falling prices. This may be an early warning and the risk will be increased slightly over the next couple of days. In total, 123 million shares were bought and sold for approximately $45.20 billion.
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 $377.11 and $445.03 at the end of this 3-month period.
Furthermore, there is a buy signal from the 3 month Moving Average Convergence Divergence (MACD). Some negative signals were issued as well, and these may have some influence on the near short-term development. 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 $381.13 and $404.32. A break-up above any of these levels will issue buy signals. A sell signal was issued from a pivot top point on Tuesday, August 16, 2022, and so far it has fallen -14.37%. Further fall is indicated until a new bottom pivot has been found. Volume rose on falling prices yesterday. This may be an early warning and the ETF should be followed more closely.
There is no support from accumulated volume below today's level and given the right condition the ETF may perform very badly in the next couple of days.
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 $7.33 between high and low, or 2.02%. For the last week, the ETF has had daily average volatility of 1.89%.
The SPY ETF holds several negative signals and despite the positive trend, we believe SPY will perform weakly in the next couple of days or weeks. Therefore, we hold a negative evaluation of this ETF.Check full SPY forecast and analysis here.