Red day on Monday for SPY

The SPY ETF price fell by -0.228% on the last day (Monday, 26th Aug 2024) from $562.07 to $560.79. During the last trading day the ETF fluctuated 0.87% from a day low at $559.05 to a day high of $563.90. The price has risen in 7 of the last 10 days and is up by 5.16% over the past 2 weeks. Volume fell on the last day along with the ETF, which is actually a good sign as volume should follow the ETF. On the last day, the trading volume fell by -12 million shares and in total, 33 million shares were bought and sold for approximately $18.39 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 2.58% during the next 3 months and, with a 90% probability hold a price between $534.27 and $586.23 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 $558.91 and $547.73. 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). 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, and so far it has fallen -0.228%. Further fall is indicated until a new bottom pivot has been found. Volume fell together with the price during the last trading day and this reduces the overall risk as volume should follow the price movements.

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 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 $4.85 between high and low, or 0.87%. For the last week, the ETF has had daily average volatility of 1.07%.

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.