SPY ETF price ended on $419.51 on Thursday after gaining 1.41%

The SPY ETF price gained 1.41% on the last trading day (Thursday, 25th Aug 2022), rising from $413.67 to $419.51. It has now gained 3 days in a row. It will be exciting to see whether it manages to continue gaining or take a minor break for the next few days. During the last trading day the ETF fluctuated 1.32% from a day low at $414.09 to a day high of $419.56. The price has risen in 6 of the last 10 days but is still down by -0.11% for this period. Volume has increased on the last day along with the price, which is a positive technical sign, and, in total, 2 million more shares were traded than the day before. In total, 51 million shares were bought and sold for approximately $21.29 billion.

The ETF lies in the middle of a wide and weak rising trend in the short term and a further rise within the trend is signaled.Given the current short-term trend, the ETF is expected to rise 7.22% during the next 3 months and, with a 90% probability hold a price between $415.97 and $464.25 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 $419.37 and $406.01. A breakdown below any of these levels will issue sell signals. 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 Tuesday, August 16, 2022, and so far it has fallen -2.37%. 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).

On the downside, the ETF finds support just below today's level from accumulated volume at $389.80 and $375.00.There is a natural risk involved when a ETF is testing a support level, since if this is broken, the ETF then may fall to the next support level. In this case, SPY finds support just below today's level at $389.80. If this is broken, then the next support from accumulated volume will be at $375.00 and $366.65.

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 $5.47 between high and low, or 1.32%. For the last week the ETF has had daily average volatility of 1.05%.

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.