SPY ETF price ended on $390.76 on Tuesday after losing 0.38%

The SPY ETF price fell by -0.38% on the last day (Tuesday, 6th Sep 2022) from $392.24 to $390.76. It has now fallen 3 days in a row. During the last trading day the ETF fluctuated 1.47% from a day low at $388.42 to a day high of $394.12. The price has fallen in 7 of the last 10 days and is down by -5.47% for this period. 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 -24 million shares and in total, 76 million shares were bought and sold for approximately $29.69 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 $398.03. A reaction back to this level may hold a second chance to get out before further falls.

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 $397.25 and $408.96. A break-up above any of these levels will issue buy signals. A sell signal was issued from a pivot top point on Tuesday, August 16, 2022, and so far it has fallen -9.06%. 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.

SPY finds support from accumulated volume at $389.80 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 $5.70 between high and low, or 1.47%. For the last week, the ETF has had daily average volatility of 1.94%.

SPY is oversold on RSI14 (17). Some ETFS may drop long and hard while being oversold on RSI before turning, which increases the general risk.

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.