SPY ETF price up 2.29% on Friday

The SPY ETF price gained 2.29% on the last trading day (Friday, 6th Jan 2023), rising from $379.38 to $388.08. During the last trading day the ETF fluctuated 2.59% from a day low at $379.41 to a day high of $389.25. The price has fallen in 6 of the last 10 days but is still up by 0.55% 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, 29 million more shares were traded than the day before. In total, 102 million shares were bought and sold for approximately $39.73 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 5.66% during the next 3 months and, with a 90% probability hold a price between $400.26 and $439.28 at the end of this 3-month period.

A buy signal was issued from a pivot bottom point on Wednesday, December 28, 2022, and so far it has risen 3.03%. 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. The SPY ETF holds a buy signal from the short-term moving average; at the same time, however, the long-term average holds a general sell signal. Since the longterm average is above the short-term average there is a general sell signal in the ETF giving a more negative forecast for the stock. On further gains, the ETF will meet resistance from the long-term moving average at $391.59. On a fall, the ETF will find some support from the short-term average at $382.08. A break-up through the long-term average will give another buy signal, while a fall below the short-term average will add another sell signal and strengthen the general signal. Furthermore, there is currently a sell signal from the 3 month Moving Average Convergence Divergence (MACD).

SPY finds support from accumulated volume at $374.29 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 $9.84 (2.59%) between high and low. For the last week, the ETF has had daily average volatility of 1.67%.

SPY holds several positive signals, but we still don't find these to be enough for a buy candidate. At the current level, it should be considered as a hold candidate (hold or accumulate) in this position whilst awaiting further development.