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Stronger technical forecast for SPY ETF price after Friday trading.

StockInvest.us, 4 weeks ago


The SPY ETF price gained 0.673% on the last trading day (Friday, 24th May 2024), rising from $525.96 to $529.50. During the last trading day the ETF fluctuated 0.643% from a day low at $526.88 to a day high of $530.27. The price has risen in 7 of the last 10 days and is up by 1.66% over the past 2 weeks. Volume fell on the last day by -11 million shares and in total, 40 million shares were bought and sold for approximately $21.20 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 $531.83 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 $508.49 and $541.87 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.


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 $529.26 and $514.45. 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 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. 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, May 21, 2024, and so far it has fallen -0.350%. Further fall is indicated until a new bottom pivot has been found.

SPY finds support from accumulated volume at $523.07 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 $3.39 (0.643%) between high and low. For the last week, the ETF has had daily average volatility of 0.772%.

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.

Check full SPY forecast and analysis here.