Stronger technical forecast for SPY ETF price after Wednesday trading.

The SPY ETF price gained 2.63% on the last trading day (Wednesday, 30th Nov 2022), rising from $394.82 to $405.20. During the last trading day the ETF fluctuated 2.99% from a day low at $393.48 to a day high of $405.23. The price has fallen in 6 of the last 10 days but is still up by 1.5% 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, 26 million more shares were traded than the day before. In total, 69 million shares were bought and sold for approximately $28.03 billion.

The ETF is moving within a wide and horizontal trend and further movements within this trend can be expected. Given the current horizontal trend, you can expect SPY ETF with a 90% probability to be traded between $367.27 and $425.36 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.

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 $399.12 and $383.89. A breakdown below any of these levels will issue sell signals. A buy signal was issued from a pivot bottom point on Wednesday, October 12, 2022, and so far it has risen 13.64%. 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.

On the downside, the ETF finds support just below today's level from accumulated volume at $373.20 and $362.79.There is a natural risk involved when a ETF is testing a support level, since if this is broken, the ETF then may fall to the next support level. In this case, SPY finds support just below today's level at $373.20. If this is broken, then the next support from accumulated volume will be at $362.79 and $357.18.

This ETF has average movements during the day and with good trading volume, the risk is considered to be medium. During the last day, the ETF moved $11.75 between high and low, or 2.99%. For the last week, the ETF has had daily average volatility of 1.34%.

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 Hold/Accumulate to a Buy candidate.