SPY ETF price ended on $415.19 on Tuesday after gaining 1.31%

The SPY ETF price gained 1.31% on the last trading day (Tuesday, 7th Feb 2023), rising from $409.83 to $415.19. During the last trading day the ETF fluctuated 2.19% from a day low at $407.57 to a day high of $416.49. The price has risen in 7 of the last 10 days and is up by 3.75% 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, 31 million more shares were traded than the day before. In total, 90 million shares were bought and sold for approximately $37.47 billion.

The ETF lies in the upper part of a weak rising trend in the short term, and this may normally pose a very good selling opportunity for the short-term trader as reaction back towards the lower part of the trend can be expected. A break-up at the top trend line at $417.23 will firstly indicate a stronger rate of rising.Given the current short-term trend, the ETF is expected to rise 2.26% during the next 3 months and, with a 90% probability hold a price between $389.34 and $426.66 at the end of this 3-month period.

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 $410.29 and $393.57. A breakdown below any of these levels will issue sell signals. 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. Some negative signals were issued as well, and these may have some influence on the near short-term development. A sell signal was issued from a pivot top point on Thursday, February 02, 2023, and so far it has fallen -0.381%. Further fall is indicated until a new bottom pivot has been found.

SPY finds support from accumulated volume at $410.80 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 $8.92 (2.19%) between high and low. For the last week, the ETF has had daily average volatility of 1.71%.

Several short-term signals, along with a general good trend, 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.