Red day on Thursday for SPY ETF after losing 0.400%

The SPY ETF price fell by -0.400% on the last day (Thursday, 25th Apr 2024) from $505.46 to $503.44. During the last trading day the ETF fluctuated 1.36% from a day low at $497.49 to a day high of $504.27. The price has fallen in 8 of the last 10 days and is down by -2.81% for this period. Volume has increased on the last day by 11 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, 61 million shares were bought and sold for approximately $30.50 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 3.88% during the next 3 months and, with a 90% probability hold a price between $515.69 and $550.07 at the end of this 3-month period.

There are mixed signals in the ETF today. 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 $513.22. On a fall, the ETF will find some support from the short-term average at $501.32. 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). Volume rose on falling prices yesterday. This may be an early warning and the ETF should be followed more closely. A buy signal was issued from a pivot bottom point on Friday, April 19, 2024, and so far it has risen 1.67%. Further rise is indicated until a new top pivot has been found.

SPY finds support from accumulated volume at $495.16 and this level may hold a buying opportunity as an upwards reaction can be expected when the support is being tested.

In general the ETF tends to have very controlled movements and with good liquidity the risk is considered very low in this stock. During the last day, the ETF moved $6.78 between high and low, or 1.36%. For the last week the ETF has had daily average volatility of 1.25%.

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.