SPY ETF downgraded from Buy Candidate to Sell Candidate after Thursday trading session.

The SPY ETF price fell by -1.42% on the last day (Thursday, 1st Aug 2024) from $550.81 to $543.01. During the last trading day the ETF fluctuated 2.86% from a day low at $539.44 to a day high of $554.87. The price has fallen in 6 of the last 10 days and is down by -1.75% for this period. Volume has increased on the last day by 16 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, 75 million shares were bought and sold for approximately $40.47 billion.

The ETF lies in the lower part of a weak rising trend in the short term, and this may normally pose a very good buying opportunity. If the lower trend floor at $541.60 is broken, it will firstly indicate a slower rate of rising, but may also be an early warning for a trend shift.Given the current short-term trend, the ETF is expected to rise 7.45% during the next 3 months and, with a 90% probability hold a price between $581.92 and $615.09 at the end of this 3-month period.

There are few to no technical positive signals at the moment. The SPY 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 $543.52 and $549.25. A break-up above any of these levels will issue buy signals. A sell signal was issued from a pivot top point on Tuesday, July 16, 2024, and so far it has fallen -3.86%. 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.

SPY finds support from accumulated volume at $541.23 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 $15.43 between high and low, or 2.86%. For the last week the ETF has had daily average volatility of 1.49%.

The SPY ETF holds several negative signals and despite the positive trend, we believe SPY will perform weakly in the next couple of days or weeks. Therefore, we hold a negative evaluation of this ETF.Due to some small weaknesses in the technical picture we have downgraded our analysis conclusion for this ETF since the last evaluation from a Buy to a Sell candidate.