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Red day on Thursday for SPDR S&P 500

StockInvest.us, 1 month ago

StockInvest.us

The SPDR S&P 500 ETF price fell by -0.81% on the last day (Thursday, 30th Jun 2022) from $380.34 to $377.25. and has now fallen 5 days in a row. During the day the ETF fluctuated 2.17% from a day low at $372.56 to a day high of $380.66. The price has fallen in 7 of the last 10 days and is down by -0.51% for this period. Volume has increased on the last day by 47 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, 113 million shares were bought and sold for approximately $42.58 billion.

The ETF lies in the middle of a wide and falling trend in the short term and further fall within the trend is signaled.Given the current short-term trend, the ETF is expected to fall -15.91% during the next 3 months and, with a 90% probability hold a price between $299.51 and $333.32 at the end of this 3-month period. Do note, that if the stock price manages to stay at current levels or higher, our prediction target will start to change positively over the next few days as the conditions for the current predictions will be broken.

SPY

A buy signal was issued from a pivot bottom point on Friday, June 17, 2022, and so far it has risen 3.11%. Further rise is indicated until a new top pivot has been found. Some negative signals were issued as well, and these may have some influence on the near short-term development. The SPDR S&P 500 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 $381.34 and $393.15. A break-up above any of these levels will issue buy signals. Furthermore, there is currently a sell signal from the 3 month Moving Average Convergence Divergence (MACD). Volume rose on falling prices yesterday. This may be an early warning and the ETF should be followed more closely.

SPDR S&P 500 finds support from accumulated volume at $375.00 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 $8.10 between high and low, or 2.17%. For the last week, the ETF has had a daily average volatility of 1.96%.

SPDR S&P 500 holds several negative signals and is within a wide and falling trend, so we believe it will still perform weakly in the next couple of days or weeks. We therefore hold a negative evaluation of this ETF.

Check full SPY forecast and analysis here.