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

The SPY ETF price gained 1.71% on the last trading day (Thursday, 15th Aug 2024), rising from $543.75 to $553.07. It has now gained 6 days in a row. It is not often that ETFS manage to gain so many days in a row, and falls for a day or two should be expected. During the last trading day the ETF fluctuated 0.81% from a day low at $548.88 to a day high of $553.35. The price has risen in 7 of the last 10 days and is up by 1.85% 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, 21 million more shares were traded than the day before. In total, 59 million shares were bought and sold for approximately $32.79 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 2.26% during the next 3 months and, with a 90% probability hold a price between $530.75 and $582.14 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, but the ETF has a general sell signal from the relation between the two signals where the long-term average is above the short-term average. On corrections down, there will be some support from the lines at $536.32 and $545.82. A breakdown below any of these levels will issue sell signals. A buy signal was issued from a pivot bottom point on Monday, August 05, 2024, and so far it has risen 6.90%. 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.

SPY finds support from accumulated volume at $532.90 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 $4.47 (0.81%) between high and low. For the last week, the ETF has had daily average volatility of 0.97%.

Since the SPY has been rising for 6 days in a row, the risk over the next couple of days has increased. We don't expect a major reaction as the ETF is in very good shape technically, and therefore hold a positive evaluation despite the very short term risk.

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.