SPY ETF upgraded to Strong Buy Candidate.

The SPY ETF price gained 1.06% on the last trading day (Wednesday, 1st Feb 2023), rising from $406.48 to $410.80. 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 2.81% from a day low at $402.35 to a day high of $413.67. The price has risen in 7 of the last 10 days and is up by 4.93% 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, 14 million more shares were traded than the day before. In total, 100 million shares were bought and sold for approximately $41.02 billion.

The ETF lies in the upper part of a weak rising trend in the short term, and this may normally pose a very good selling opportunity for the short-term trader as reaction back towards the lower part of the trend can be expected. A break-up at the top trend line at $412.86 will firstly indicate a stronger rate of rising.Given the current short-term trend, the ETF is expected to rise 2.11% during the next 3 months and, with a 90% probability hold a price between $387.89 and $421.57 at the end of this 3-month period.

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 $404.12 and $391.76. A breakdown below any of these levels will issue sell signals. A buy signal was issued from a pivot bottom point on Wednesday, December 28, 2022, and so far it has risen 9.06%. 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 is rising along with the price. This is considered to be a good technical signal.

SPY finds support from accumulated volume at $394.49 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 $11.32 (2.81%) between high and low. For the last week, the ETF has had daily average volatility of 1.57%.

SPY holds several positive signals and is within a weak rising trend. As the old saying says, "Let the trend be your friend.'". We therefore consider it to be a good choice at these current levels and we are expecting further gains during the next 3 months.We have upgraded our analysis conclusion for this ETF since the last evaluation from a Buy to a Strong Buy candidate.