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Red day on Tuesday for SPY ETF after losing 0.24%

StockInvest.us, 1 month ago

StockInvest.us

The SPY ETF price fell by -0.24% on the last day (Tuesday, 23rd Aug 2022) from $413.35 to $412.35. and has now fallen 4 days in a row. During the last trading day the ETF fluctuated 0.89% from a day low at $411.77 to a day high of $415.42. The price has risen in 5 of the last 10 days and is up by 0.24% 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 -29 million shares and in total, 49 million shares were bought and sold for approximately $20.18 billion.

The ETF lies in the middle of a wide and 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 6.52% during the next 3 months and, with a 90% probability hold a price between $410.16 and $459.99 at the end of this 3-month period.

SPY

The SPY ETF holds a sell signal from the short-term moving average; at the same time, however, there is a buy signal from the long-term average. Since the short-term average is above the long-term average there is a general buy signal in the ETF giving a positive forecast for the stock. On further gains, the ETF will meet resistance from the short-term moving average at approximately $422.99. On a fall, the ETF will find some support from the long-term average at approximately $404.27. A break-up through the short-term average will send a buy signal, whereas a breakdown through the long-term average will send a sell signal. 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 Tuesday, August 16, 2022, and so far it has fallen -4.04%. 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 fell together with the price during the last trading day and this reduces the overall risk as volume should follow the price movements.

On the downside, the ETF finds support just below today's level from accumulated volume at $389.80 and $375.00.There is natural risk involved when a ETF is testing a support level, since if this is broken, the ETF then may fall to the next support level. In this case, SPY finds support just below today's level at $389.80. If this is broken, then the next support from accumulated volume will be at $375.00 and $366.65.

This ETF is usually traded at a good volume, and with minor daily changes, the risk is considered to be low. During the last day, the ETF moved $3.65 (0.89%) between high and low. For the last week, the ETF has had a daily average volatility of 0.98%.

SPY holds several positive signals, but we still don't find these to be enough for a buy candidate. At the current level, it should be considered as a hold candidate (hold or accumulate) in this position whilst awaiting further development.

Check full SPY forecast and analysis here.