SPY ETF upgraded from Hold/Accumulate to Buy Candidate after Friday trading session.

The SPY ETF price fell by -1.55% on the last day (Friday, 17th Mar 2023) from $396.11 to $389.99. During the last trading day the ETF fluctuated 1.51% from a day low at $388.55 to a day high of $394.40. The price has fallen in 6 of the last 10 days and is down by -3.51% for this period. Volume fell on the last day along with the ETF, which is actually a good sign as volume should follow the ETF. On the last day, the trading volume fell by -2 million shares and in total, 142 million shares were bought and sold for approximately $55.44 billion.

The ETF lies in the lower part of a weak rising trend in the short term, and this may normally pose a very good buying opportunity. If the lower trend floor at $386.42 is broken, it will firstly indicate a slower rate of rising, but may also be an early warning for a trend shift.Given the current short-term trend, the ETF is expected to rise 3.87% during the next 3 months and, with a 90% probability hold a price between $401.37 and $441.13 at the end of this 3-month period.

There are mixed signals in the ETF today. The SPY ETF holds sell signals from both short and long-term moving averages giving a more negative forecast for the stock. Also, there is a general sell signal from the relation between the two signals where the long-term average is above the short-term average. On corrections up, there will be some resistance from the lines at $389.99 and $402.16. A break-up above any of these levels will issue buy signals. Volume fell together with the price during the last trading day and this reduces the overall risk as volume should follow the price movements. A buy signal was issued from a pivot bottom point on Monday, March 13, 2023, and so far it has risen 1.20%. 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).

SPY finds support from accumulated volume at $389.28 and this level may hold a buying opportunity as an upwards reaction can be expected when the support is being tested.

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 $5.85 between high and low, or 1.51%. For the last week the ETF has had daily average volatility of 1.97%.

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.We have upgraded our analysis conclusion for this ETF since the last evaluation from a Hold/Accumulate to a Buy candidate.