SPY ETF price up 0.364% on Thursday

The SPY ETF price gained 0.364% on the last trading day (Thursday, 12th Jan 2023), rising from $395.52 to $396.96. It has now gained 4 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 1.55% from a day low at $392.42 to a day high of $398.49. The price has risen in 6 of the last 10 days and is up by 5.39% 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, 22 million more shares were traded than the day before. In total, 90 million shares were bought and sold for approximately $35.61 billion.

The ETF lies in the middle of a 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 3.74% during the next 3 months and, with a 90% probability hold a price between $393.24 and $429.34 at the end of this 3-month period.

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, but the ETF has a general sell signal from the relation between the two signals where the long-term average is above the short-term average. On corrections down, there will be some support from the lines at $388.88 and $391.42. 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 5.39%. 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.

On the downside, the ETF finds support just below today's level from accumulated volume at $374.87 and $374.29.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 $374.87. If this is broken, then the next support from accumulated volume will be at $374.29 and $365.97.

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 $6.07 between high and low, or 1.55%. For the last week the ETF has had daily average volatility of 1.58%.

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.