SPY ETF price ended on $393.17 on Thursday after gaining 0.27%

The SPY ETF price gained 0.270% on the last trading day (Thursday, 23rd Mar 2023), rising from $392.11 to $393.17. During the last trading day the ETF fluctuated 2.29% from a day low at $390.35 to a day high of $399.29. The price has been going up and down for this period, and there has been a 0.41% gain for the last 2 weeks. Volume has increased on the last day along with the price, which is a positive technical sign, and, in total, 7 million more shares were traded than the day before. In total, 119 million shares were bought and sold for approximately $46.71 billion.

The ETF is at the lower part of a horizontal trend in the short term, and normally this may pose a good buying opportunity, though a breakdown through the bottom trend line at $386.40 will give a strong sell signal and a trend shift may be expected.Given the current horizontal trend, you can expect SPY ETF with a 90% probability to be traded between $393.55 and $428.98 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 mixed signals in the ETF today. 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 $393.33 and $400.85. A break-up above any of these levels will issue buy signals. A buy signal was issued from a pivot bottom point on Monday, March 13, 2023, and so far it has risen 2.03%. Further rise is indicated until a new top pivot has been found. Furthermore, there is a buy signal from the 3 month Moving Average Convergence Divergence (MACD). Volume is rising along with the price. This is considered to be a good technical signal.

SPY finds support from accumulated volume at $389.28 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 $8.94 between high and low, or 2.29%. For the last week the ETF has had daily average volatility of 1.69%.

Several short-term signals are positive and we conclude that the current level may hold a buying opportunity, as there is a fair chance for SPY ETF to perform well in the short-term period.