SPDR S&P 500 ETF price down 3.7% on Friday

The SPDR S&P 500 ETF price fell by -3.70% on the last day (Friday, 29th Apr 2022) from $427.81 to $412.00. During the day the ETF fluctuated 3.57% from a day low at $411.21 to a day high of $425.87. The price has been going up and down for this period, and there has been a -5.89% loss for the last 2 weeks. Volume has increased on the last day by 40 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, 146 million shares were bought and sold for approximately $59.95 billion.

The ETF is at the lower part of a wide and horizontal trend in the short term, and normally this may pose a good buying opportunity, though a breakdown through the bottom trend line at $411.42 will give a strong sell signal and a trend shift may be expected.Given the current horizontal trend, you can expect SPDR S&P 500 ETF with a 90% probability to be traded between $404.26 and $450.69 at the end of this 3-month period. A break of a horizontal trend is often followed by a large increase in the volume, and ETFS seldom manage to go directly from the bottom of a trend up to the top. ETFS turning up in the middle of a horizontal trend are therefore considered to be potential runners.

There are few to no technical positive signals at the moment. 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 $423.68 and $440.28. A break-up above any of these levels will issue buy signals. A sell signal was issued from a pivot top point on Tuesday, March 29, 2022, and so far it has fallen -10.74%. 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.

There is no support from accumulated volume below today's level and given the right condition the ETF may perform very badly in the next couple of days.

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 $14.66 between high and low, or 3.57%. For the last week, the ETF has had a daily average volatility of 2.62%.

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.