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

The SPY ETF price gained 1.26% on the last trading day (Wednesday, 11th Jan 2023), rising from $390.58 to $395.52. It has now gained 3 days in a row. It will be exciting to see whether it manages to continue gaining or take a minor break for the next few days. During the last trading day the ETF fluctuated 1.08% from a day low at $391.38 to a day high of $395.60. The price has been going up and down for this period, and there has been a 3.7% gain for the last 2 weeks. Volume has increased on the last day along with the price, which is a positive technical sign, and, in total, 4 million more shares were traded than the day before. In total, 68 million shares were bought and sold for approximately $26.85 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 4.22% during the next 3 months and, with a 90% probability hold a price between $395.09 and $431.92 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 $386.57 and $391.34. A breakdown below any of these levels will issue sell signals. A buy signal was issued from a pivot bottom point on Wednesday, December 28, 2022, and so far it has risen 5.01%. 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 $374.87 and $374.29.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 $374.87. If this is broken, then the next support from accumulated volume will be at $374.29 and $365.97.

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 $4.22 between high and low, or 1.08%. For the last week the ETF has had daily average volatility of 1.43%.

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.