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SPY ETF price up 0.44309599685686% on Friday

StockInvest.us, 2 months ago

StockInvest.us

The SPY ETF price gained 0.44309599685686% on the last trading day (Friday, 8th Dec 2023), rising from $458.14 to $460.17. During the last trading day the ETF fluctuated 0.771% from a day low at $457.22 to a day high of $460.75. The price has been going up and down for this period, and there has been a 1.07% 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, 9 million more shares were traded than the day before. In total, 69 million shares were bought and sold for approximately $31.87 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 4.90% during the next 3 months and, with a 90% probability hold a price between $441.44 and $494.44 at the end of this 3-month period.

SPY

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 $457.39 and $441.00. A breakdown below any of these levels will issue sell signals. A buy signal was issued from a pivot bottom point on Friday, October 27, 2023, and so far it has risen 12.05%. Further rise is indicated until a new top pivot has been found. 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. 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 $429.54 and $426.43.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 $429.54. If this is broken, then the next support from accumulated volume will be at $426.43 and $412.55.

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 $3.52 between high and low, or 0.771%. For the last week the ETF has had daily average volatility of 0.798%.

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.

Check full SPY forecast and analysis here.