Red day on Tuesday for SPY

StockInvest.us, 1 month ago

StockInvest.us

The SPY ETF price fell by -0.369% on the last day (Tuesday, 16th Jan 2024) from $476.68 to $474.92. During the last trading day the ETF fluctuated 0.748% from a day low at $473.06 to a day high of $476.60. The price has fallen in 6 of the last 10 days and is down by -0.08% for this period. Volume has increased on the last day by 22 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, 76 million shares were bought and sold for approximately $36.06 billion.

The ETF lies in the middle of a narrow and strong 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 14.98% during the next 3 months and, with a 90% probability hold a price between $535.73 and $561.28 at the end of this 3-month period.

SPY

There are mixed signals in the ETF today. A sell signal was issued from a pivot top point on Thursday, December 28, 2023, and so far it has fallen -0.371%. Further fall is indicated until a new bottom pivot has been found. 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. 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 $474.41 and $467.26. A breakdown below any of these levels will issue sell signals.

SPY finds support from accumulated volume at $469.33 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 $3.54 between high and low, or 0.748%. For the last week the ETF has had daily average volatility of 0.84%.

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.

Check full SPY forecast and analysis here.