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

The SPY ETF price gained 1.45% on the last trading day (Tuesday, 29th Aug 2023), rising from $442.76 to $449.16. 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 1.58% from a day low at $442.46 to a day high of $449.45. The price has risen in 6 of the last 10 days and is up by 1.42% 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, 25 million more shares were traded than the day before. In total, 81 million shares were bought and sold for approximately $36.47 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 4.37% during the next 3 months and, with a 90% probability hold a price between $456.07 and $484.55 at the end of this 3-month period.

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 $441.30 and $447.81. A breakdown below any of these levels will issue sell signals. 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. 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 Monday, July 31, 2023, and so far it has fallen -1.89%. Further fall is indicated until a new bottom pivot has been found.

SPY finds support from accumulated volume at $442.55 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 $6.99 between high and low, or 1.58%. For the last week the ETF has had daily average volatility of 1.35%.

SPY holds several positive signals, but we still don't find these to be enough for a buy candidate. At the current level, 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.