Weaker technical forecast for SPY as ETF downgraded to Hold/Accumulate.

The SPY ETF price fell by -0.0962% on the last day (Monday, 1st May 2023) from $415.93 to $415.53. During the last trading day the ETF fluctuated 0.566% from a day low at $415.27 to a day high of $417.62. The price has been going up and down for this period, and there has been a 0.38% gain for the last 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 -26 million shares and in total, 61 million shares were bought and sold for approximately $25.23 billion.

The ETFis at the upper part of a horizontal trend and normally this may pose a good selling opportunity but a break-up through the top trend line at $416.02 will give a strong buy signal and a trend shift could be expected.Given the current horizontal trend, you can expect SPY ETF with a 90% probability to be traded between $393.75 and $421.64 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.

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 $411.31 and $404.45. A breakdown below any of these levels will issue sell signals. Some negative signals were issued as well, and these may have some influence on the near short-term development. A sell signal was issued from a pivot top point on Friday, April 28, 2023, and so far it has fallen -0.0962%. Further fall is indicated until a new bottom pivot has been found. 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.

On the downside, the ETF finds support just below today's level from accumulated volume at $389.28 and $385.91.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 $389.28. If this is broken, then the next support from accumulated volume will be at $385.91 and $385.36.

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 $2.35 between high and low, or 0.566%. For the last week the ETF has had daily average volatility of 1.08%.

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.Due to some small weaknesses in the technical picture we have downgraded our analysis conclusion for this ETF since the last evaluation from a Buy to a Hold/Accumulate candidate.