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

The SPY ETF price gained 0.32% on the last trading day (Wednesday, 24th Aug 2022), rising from $412.35 to $413.67. During the last trading day the ETF fluctuated 0.90% from a day low at $411.39 to a day high of $415.11. The price has risen in 5 of the last 10 days, but is still down by -1.5% for this period. Volume has increased on the last day along with the price, which is a positive technical sign, and, in total, 160 thousand more shares were traded than the day before. In total, 49 million shares were bought and sold for approximately $20.31 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 6.6% during the next 3 months and, with a 90% probability hold a price between $411.67 and $471.79 at the end of this 3-month period.

The SPY ETF holds a sell signal from the short-term moving average; at the same time, however, there is a buy signal from the long-term average. Since the short-term average is above the long-term average there is a general buy signal in the ETF giving a positive forecast for the stock. On further gains, the ETF will meet resistance from the short-term moving average at approximately $420.82. On a fall, the ETF will find some support from the long-term average at approximately $405.14. A break-up through the short-term average will send a buy signal, whereas a breakdown through the long-term average will send a sell signal. 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. A sell signal was issued from a pivot top point on Tuesday, August 16, 2022, and so far it has fallen -3.73%. Further fall is indicated until a new bottom pivot has been found. 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 $389.80 and $375.00.There is 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 $389.80. If this is broken, then the next support from accumulated volume will be at $375.00 and $366.65.

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 $3.72 (0.90%) between high and low. For the last week, the ETF has had a daily average volatility of 0.93%.

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.