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

The SPY ETF price gained 0.532% on the last trading day (Thursday, 23rd Feb 2023), rising from $398.54 to $400.66. During the last trading day the ETF fluctuated 1.50% from a day low at $396.25 to a day high of $402.20. The price has fallen in 6 of the last 10 days and is down by -2.43% for this period. Volume has increased on the last day along with the price, which is a positive technical sign, and, in total, 13 million more shares were traded than the day before. In total, 95 million shares were bought and sold for approximately $38.10 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 4.4% during the next 3 months and, with a 90% probability hold a price between $404.96 and $439.44 at the end of this 3-month period.

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. The SPY ETF holds sell signals from both short and long-term moving averages giving a more negative forecast for the stock. On corrections up, there will be some resistance from the lines at $405.78 and $401.63. A break-up above any of these levels will issue buy signals. A sell signal was issued from a pivot top point on Thursday, February 02, 2023, and so far it has fallen -3.87%. 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).

SPY finds support from accumulated volume at $395.88 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 $5.95 between high and low, or 1.50%. For the last week the ETF has had daily average volatility of 1.18%.

SPY holds several negative signals and this should be a sell candidate, but due to the general chance for a turnaround situation it should be considered as a hold candidate (hold or accumulate) in this position whilst awaiting further development.We have upgraded our analysis conclusion for this ETF since the last evaluation from a Sell to a Hold/Accumulate candidate.