SPY ETF upgraded to Hold/Accumulate.

The SPY ETF price gained 0.772% on the last trading day (Wednesday, 4th Jan 2023), rising from $380.82 to $383.76. During the last trading day the ETF fluctuated 1.55% from a day low at $380.00 to a day high of $385.88. The price has been going up and down for this period, and there has been a 1.25% gain for the last 2 weeks. Volume has increased on the last day along with the price, which is a positive technical sign, and, in total, 11 million more shares were traded than the day before. In total, 85 million shares were bought and sold for approximately $32.48 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 $378.22 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 6.19% during the next 3 months and, with a 90% probability hold a price between $401.64 and $441.46 at the end of this 3-month period.

A buy signal was issued from a pivot bottom point on Wednesday, December 28, 2022, and so far it has risen 1.88%. Further rise is indicated until a new top pivot has been found. 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 a buy signal from the short-term moving average; at the same time, however, the long-term average holds a general sell signal. Since the longterm average is above the short-term average there is a general sell signal in the ETF giving a more negative forecast for the stock. On further gains, the ETF will meet resistance from the long-term moving average at $392.44. On a fall, the ETF will find some support from the short-term average at $381.63. A break-up through the long-term average will give another buy signal, while a fall below the short-term average will add another sell signal and strengthen the general signal. Furthermore, there is currently a sell signal from the 3 month Moving Average Convergence Divergence (MACD).

SPY finds support from accumulated volume at $373.20 and this level may hold a buying opportunity as an upwards reaction can be expected when the support is being tested.

This ETF is usually traded at a good volume, and with minor daily changes, the risk is considered to be low. During the last day, the ETF moved $5.88 (1.55%) between high and low. For the last week, the ETF has had daily average volatility of 1.63%.

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.