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

The SPY ETF price fell by -1.70% on the last day (Wednesday, 22nd Mar 2023) from $398.91 to $392.11. During the last trading day the ETF fluctuated 2.66% from a day low at $392.07 to a day high of $402.49. The price has fallen in 6 of the last 10 days and is down by -1.71% for this period. Volume has increased on the last day by 20 million shares but on falling prices. This may be an early warning and the risk will be increased slightly over the next couple of days. In total, 111 million shares were bought and sold for approximately $43.70 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 $386.49 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 2.31% during the next 3 months and, with a 90% probability hold a price between $395.42 and $431.86 at the end of this 3-month period.

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 $393.12 and $401.36. A break-up above any of these levels will issue buy signals. Volume rose on falling prices yesterday. This may be an early warning and the ETF should be followed more closely. Some positive signals were issued as well, and these may have some influence on the near short-term development. A buy signal was issued from a pivot bottom point on Monday, March 13, 2023, and so far it has risen 1.75%. 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 $10.42 between high and low, or 2.66%. For the last week the ETF has had daily average volatility of 1.76%.

Several of the signals/indicators are negative, and we believe that this will affect on the development for the next days and maybe possible weeks. However, over time, we think that today's level holds a possible buying opportunity and that the price will be higher during or at the end of this 3-month period.We have upgraded our analysis conclusion for this ETF since the last evaluation from a Hold/Accumulate to a Buy candidate.