SPY ETF upgraded from Buy Candidate to Strong Buy Candidate after Friday trading session.

The SPY ETF price gained 0.179% on the last trading day (Friday, 9th Jun 2023), rising from $429.13 to $429.90. During the last trading day the ETF fluctuated 0.727% from a day low at $428.87 to a day high of $431.99. The price has risen in 7 of the last 10 days and is up by 3.69% 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, 23 million more shares were traded than the day before. In total, 84 million shares were bought and sold for approximately $35.98 billion.

The ETF lies in the upper part of a narrow and weak rising trend in the short term, and this may normally pose a very good selling opportunity for the short-term trader as reaction back towards the lower part of the trend can be expected. A break-up at the top trend line at $433.11 will firstly indicate a stronger rate of rising.Given the current short-term trend, the ETF is expected to rise 8.03% during the next 3 months and, with a 90% probability hold a price between $450.25 and $467.89 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. 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 $427.21 and $415.98. A breakdown below any of these levels will issue sell signals. A buy signal was issued from a pivot bottom point on Wednesday, May 24, 2023, and so far it has risen 4.56%. 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 $389.28 and $385.91.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 $389.28. If this is broken, then the next support from accumulated volume will be at $385.91 and $385.36.

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 $3.12 between high and low, or 0.727%. For the last week the ETF has had daily average volatility of 0.761%.

SPY holds several positive signals and is within a weak rising trend. As the old saying says, "Let the trend be your friend.'". We therefore consider it to be a good choice at these current levels and we are expecting further gains during the next 3 months.We have upgraded our analysis conclusion for this ETF since the last evaluation from a Buy to a Strong Buy candidate.