Stronger technical forecast for SPY ETF price after Wednesday trading.

The SPY ETF price gained 1.37% on the last trading day (Wednesday, 13th Dec 2023), rising from $464.10 to $470.44. It has now gained 5 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 1.43% from a day low at $464.12 to a day high of $470.76. The price has risen in 7 of the last 10 days and is up by 3.48% 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, 17 million more shares were traded than the day before. In total, 84 million shares were bought and sold for approximately $39.31 billion.

The ETF lies in the middle of a wide and 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 7.11% during the next 3 months and, with a 90% probability hold a price between $457.28 and $516.65 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. 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 $460.89 and $444.75. A breakdown below any of these levels will issue sell signals. A buy signal was issued from a pivot bottom point on Friday, October 27, 2023, and so far it has risen 14.55%. Further rise is indicated until a new top pivot has been found. Volume is rising along with the price. This is considered to be a good technical signal. Some negative signals were issued as well, and these may have some influence on the near short-term development. Furthermore, there is currently a sell signal from the 3 month Moving Average Convergence Divergence (MACD).

On the downside, the ETF finds support just below today's level from accumulated volume at $429.54 and $426.43.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 $429.54. If this is broken, then the next support from accumulated volume will be at $426.43 and $412.55.

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 $6.64 between high and low, or 1.43%. For the last week the ETF has had daily average volatility of 0.83%.

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.