Stronger technical forecast for SPY ETF price after Monday trading.StockInvest.us, 1 month ago
The SPY ETF price fell by -0.0398% on the last day (Monday, 2nd Oct 2023) from $427.48 to $427.31. During the last trading day the ETF fluctuated 0.98% from a day low at $424.46 to a day high of $428.60. The price has fallen in 7 of the last 10 days and is down by -3.68% for this period. Volume fell on the last day along with the ETF, which is actually a good sign as volume should follow the ETF. On the last day, the trading volume fell by -20 million shares and in total, 83 million shares were bought and sold for approximately $35.67 billion.
The ETF lies in the lower of a falling trend in the short term, and this may normally pose a very good buying opportunity. If the lower trend floor at $424.92 is broken, it will firstly indicate a stronger fall rate.Given the current short-term trend, the ETF is expected to fall -3.28% during the next 3 months and, with a 90% probability hold a price between $411.00 and $432.82 at the end of this 3-month period.
A buy signal was issued from a pivot bottom point on Tuesday, September 26, 2023, and so far it has risen 0.336%. Further rise is indicated until a new top pivot has been found. Some negative signals were issued as well, and these may have some influence on the near short-term development. The SPY ETF holds sell signals from both short and long-term Moving Averages giving a more negative forecast for the stock. Also, there is a general sell signal from the relation between the two signals where the long-term average is above the short-term average. On corrections up, there will be some resistance from the lines at $428.27 and $440.56. A break-up above any of these levels will issue buy signals. Furthermore, there is currently a sell signal from the 3 month Moving Average Convergence Divergence (MACD). Volume fell together with the price during the last trading day and this reduces the overall risk as volume should follow the price movements.
SPY finds support from accumulated volume at $426.05 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 $4.14 (0.98%) between high and low. For the last week, the ETF has had daily average volatility of 1.21%.
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.