Stronger technical forecast for SPY ETF price after Thursday trading.

The SPY ETF price fell by -0.126% on the last day (Thursday, 31st Aug 2023) from $450.92 to $450.35. During the last trading day the ETF fluctuated 0.591% from a day low at $450.17 to a day high of $452.83. The price has risen in 7 of the last 10 days and is up by 3.22% over the past 2 weeks. 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 -9 million shares and in total, 58 million shares were bought and sold for approximately $26.20 billion.

The ETF lies in the middle of a 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 3.74% during the next 3 months and, with a 90% probability hold a price between $455.37 and $481.26 at the end of this 3-month period.

The SPY ETF holds buy signals from both short and long-term Moving Averages giving a positive forecast for the stock, but the ETF has a general sell signal from the relation between the two signals where the long-term average is above the short-term average. On corrections down, there will be some support from the lines at $444.70 and $447.97. A breakdown below any of these levels will issue sell signals. A buy signal was issued from a pivot bottom point on Thursday, August 17, 2023, and so far it has risen 3.22%. 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). Some negative signals were issued as well, and these may have some influence on the near short-term development. 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 $442.55 and this level may hold a buying opportunity as an upwards reaction can be expected when the support is being tested.

In general the ETF tends to have very controlled movements and with good liquidity the risk is considered very low in this stock. During the last day, the ETF moved $2.66 between high and low, or 0.591%. For the last week the ETF has had daily average volatility of 1.01%.

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.