SPY ETF price up 0.457% on Tuesday

The SPY ETF price gained 0.457% on the last trading day (Tuesday, 12th Dec 2023), rising from $461.99 to $464.10. 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 0.782% from a day low at $460.60 to a day high of $464.20. The price has risen in 6 of the last 10 days and is up by 2.02% 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, 5 million more shares were traded than the day before. In total, 67 million shares were bought and sold for approximately $31.02 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 6.30% during the next 3 months and, with a 90% probability hold a price between $451.35 and $508.34 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 $458.92 and $443.41. 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 13.01%. 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 $3.60 between high and low, or 0.782%. For the last week the ETF has had daily average volatility of 0.741%.

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.