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SPDR S&P 500 ETF price ended on $375.00 on Monday after losing 3.8%

StockInvest.us, 3 months ago

StockInvest.us

The SPDR S&P 500 ETF price fell by -3.80% on the last day (Monday, 13th Jun 2022) from $389.80 to $375.00. and has now fallen 5 days in a row. During the day the ETF fluctuated 2.28% from a day low at $373.30 to a day high of $381.81. The price has fallen in 7 of the last 10 days and is down by -9.7% for this period. Volume has increased on the last day by 37 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, 170 million shares were bought and sold for approximately $63.79 billion.

The ETF lies in the lower of a falling trend in the short term, and this may normally pose a very good buying opportunity. If the lower trend floor at $373.90 is broken, it will firstly indicate a stronger fall rate.Given the current short-term trend, the ETF is expected to fall -12.97% during the next 3 months and, with a 90% probability hold a price between $325.40 and $357.67 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

Furthermore, there is a buy signal from the 3 month Moving Average Convergence Divergence (MACD). 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 $402.22 and $406.13. A break-up above any of these levels will issue buy signals. A sell signal was issued from a pivot top point on Thursday, June 02, 2022, and so far it has fallen -10.16%. Further fall is indicated until a new bottom pivot has been found. 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 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 $8.51 (2.28%) between high and low. For the last week, the ETF has had a daily average volatility of 1.97%.

SPDR S&P 500 holds several negative signals and is within a 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.