SPY ETF upgraded to Hold/Accumulate.StockInvest.us, 1 month ago
The SPY ETF price fell by -2.08% on the last day (Monday, 22nd Aug 2022) from $422.14 to $413.35. and has now fallen 3 days in a row. During the last trading day the ETF fluctuated 1.17% from a day low at $412.40 to a day high of $417.23. The price has risen in 5 of the last 10 days and is up by 0.09% over the past 2 weeks. Volume has increased on the last day by 10 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, 78 million shares were bought and sold for approximately $32.27 billion.
The ETF lies in the middle of a wide and 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 6.1% during the next 3 months and, with a 90% probability hold a price between $407.22 and $466.65 at the end of this 3-month period.
The SPY ETF holds a sell signal from the short-term moving average; at the same time, however, there is a buy signal from the long-term average. Since the short-term average is above the long-term average there is a general buy signal in the ETF giving a positive forecast for the stock. On further gains, the ETF will meet resistance from the short-term moving average at approximately $425.10. On a fall, the ETF will find some support from the long-term average at approximately $403.40. A break-up through the short-term average will send a buy signal, whereas a breakdown through the long-term average will send a sell 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 Tuesday, August 16, 2022, and so far it has fallen -3.80%. 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). Volume rose on falling prices yesterday. This may be an early warning and the ETF should be followed more closely.
On the downside, the ETF finds support just below today's level from accumulated volume at $389.80 and $375.00.There is 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 $389.80. If this is broken, then the next support from accumulated volume will be at $375.00 and $366.65.
This ETF has average movements during the day and with good trading volume, the risk is considered to be medium. During the last day, the ETF moved $4.83 between high and low, or 1.17%. For the last week, the ETF has had a daily average volatility of 1.03%.
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.Check full SPY forecast and analysis here.