Stronger technical forecast for SPY ETF price after Wednesday trading.

The SPY ETF price gained 0.92% on the last trading day (Wednesday, 20th Mar 2024), rising from $515.71 to $520.48. It has now gained 3 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 1.08% from a day low at $515.08 to a day high of $520.62. The price has been going up and down for this period, and there has been a 2.1% gain for the last 2 weeks. Volume has increased on the last day along with the price, which is a positive technical sign, and, in total, 7 million more shares were traded than the day before. In total, 62 million shares were bought and sold for approximately $32.35 billion.

The ETF lies in the upper part of a narrow and strong rising trend in the short term, and this may normally pose a very good selling opportunity for the short-term trader as reaction back towards the lower part of the trend can be expected. A break-up at the top trend line at $522.13 will firstly indicate a stronger rate of rising.Given the current short-term trend, the ETF is expected to rise 10.93% during the next 3 months and, with a 90% probability hold a price between $568.01 and $579.18 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 $515.20 and $504.80. A breakdown below any of these levels will issue sell signals. A buy signal was issued from a pivot bottom point on Wednesday, January 31, 2024, and so far it has risen 7.78%. 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 $494.08 and $482.91.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 $494.08. If this is broken, then the next support from accumulated volume will be at $482.91 and $468.79.

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 $5.54 between high and low, or 1.08%. For the last week the ETF has had daily average volatility of 0.87%.

SPY holds several positive signals and is within a strong 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.