SPY ETF price ended on $406.48 on Tuesday after gaining 1.47%

The SPY ETF price gained 1.47% on the last trading day (Tuesday, 31st Jan 2023), rising from $400.59 to $406.48. During the last trading day the ETF fluctuated 1.44% from a day low at $400.77 to a day high of $406.53. The price has risen in 6 of the last 10 days and is up by 2.22% over the past 2 weeks. Volume has increased on the last day along with the price, which is a positive technical sign, and, in total, 12 million more shares were traded than the day before. In total, 85 million shares were bought and sold for approximately $34.70 billion.

The ETFis at the upper part of a horizontal trend and normally this may pose a good selling opportunity but a break-up through the top trend line at $412.03 will give a strong buy signal and a trend shift could be expected.Given the current horizontal trend, you can expect SPY ETF with a 90% probability to be traded between $386.37 and $419.65 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.

Mostly positive signals in the chart today. The SPY ETF holds buy signals from both short and long-term moving averages giving a positive forecast for the stock. Also, there is a general buy signal from the relation between the two signals where the short-term average is above the long-term average. On corrections down, there will be some support from the lines at $402.67 and $391.33. A breakdown below any of these levels will issue sell signals. A buy signal was issued from a pivot bottom point on Wednesday, December 28, 2022, and so far it has risen 7.92%. 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 $394.49 and this level may hold a buying opportunity as an upwards reaction can be expected when the support is being tested.

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 $5.76 (1.44%) between high and low. For the last week, the ETF has had daily average volatility of 1.37%.

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.