SPY ETF upgraded to Buy Candidate.

The SPY ETF price gained 1.33% on the last trading day (Thursday, 13th Apr 2023), rising from $408.05 to $413.47. During the last trading day the ETF fluctuated 1.43% from a day low at $407.99 to a day high of $413.84. The price has risen in 7 of the last 10 days and is up by 3.02% over the past 2 weeks. Volume fell on the last day by -405 thousand shares and in total, 86 million shares were bought and sold for approximately $35.39 billion. You should take into consideration that falling volume on higher prices causes divergence and may be an early warning about possible changes over the next couple of days.

The ETFis at the upper part of a horizontal trend and normally this may pose a good selling opportunity but a break-up through the top trend line at $415.87 will give a strong buy signal and a trend shift could be expected.Given the current horizontal trend, you can expect SPY ETF with a 90% probability to be traded between $383.90 and $414.75 at the end of this 3-month period. A break of a horizontal trend is often followed by a large increase in the volume, and ETFS seldom manage to go directly from the bottom of a trend up to the top. ETFS turning up in the middle of a horizontal trend are therefore considered to be potential runners.

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. Also, there is a general buy signal from the relation between the two signals where the short-term average is above the long-term average. On corrections down, there will be some support from the lines at $409.47 and $399.34. A breakdown below any of these levels will issue sell signals. A buy signal was issued from a pivot bottom point on Monday, March 13, 2023, and so far it has risen 7.29%. 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 fell during the last trading day despite gaining prices. This causes a divergence between volume and price and it may be an early warning. The ETF should be watched closely.

On the downside, the ETF finds support just below today's level from accumulated volume at $389.28 and $385.91.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 $389.28. If this is broken, then the next support from accumulated volume will be at $385.91 and $385.36.

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 $5.85 between high and low, or 1.43%. For the last week the ETF has had daily average volatility of 1.00%.

The SPY ETF is overbought on RSI14 and lies in the upper part of the trend. Normally this may pose a good selling opportunity for the short-term trader, but some ETFS may go long and hard while being overbought and the RSI is still moving upwards. Regardless, the high RSI together with the trend position increases the risk and higher daily movements (volatility) should be expected. A correction down in the nearby future seems very likely, and it is of great importance that the ETF manages to break the trend before that occurs.

Several short-term signals 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 period.We have upgraded our analysis conclusion for this ETF since the last evaluation from a Sell to a Buy candidate.