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

The SPY ETF price fell by -4.35% on the last day (Tuesday, 13th Sep 2022) from $410.97 to $393.10. During the last trading day the ETF fluctuated 2.85% from a day low at $391.92 to a day high of $403.10. The price has been going up and down for this period, and there has been a -2.37% loss for the last 2 weeks. Volume has increased on the last day by 54 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, 123 million shares were bought and sold for approximately $48.51 billion.

The ETF has broken the wide and weak rising short-term trend down. This signalizes a slower rate of rising, but may also be an early warning about a possible trend shift. Due to the trend being broken there will now be resistance at the bottom line of the trend at $393.95. A reaction back to this level may hold a second chance to get out before further falls.

A buy signal was issued from a pivot bottom point on Tuesday, September 06, 2022, and so far it has risen 0.60%. Further rise is indicated until a new top pivot has been found. Some negative signals were issued as well, and these may have some influence on the near short-term development. 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 $398.83 and $409.89. A break-up above any of these levels will issue buy signals. 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 $379.20 and this level may hold a buying opportunity as an upwards reaction can be expected when the support is being tested.

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 $11.18 between high and low, or 2.85%. For the last week, the ETF has had daily average volatility of 1.75%.

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.