Invesco S&p 500® Equal Weight Consumer ETF Forecast

Invesco S&p 500® Equal Weight Consumer ETF downgraded from Buy Candidate to Hold/Accumulate after Wednesday trading session.
(Updated on Jun 26, 2024)

RSPD Signals & Forecast

A buy signal was issued from a pivot bottom point on Friday, April 19, 2024, and so far it has risen 2.89%. 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. The Invesco S&p 500® Equal Weight Consumer ETF holds sell signals from both short and long-term Moving Averages giving a more negative forecast for the stock. On corrections up, there will be some resistance from the lines at $48.31 and $48.04. A break-up above any of these levels will issue buy signals. Volume fell along with the price during the last trading day, which is technical positive. One should, however, note that this ETF may have low liquidity in periods, which increases the general risk. The ETF had a Golden Star Signal on Thursday, May 30, 2024 for the short-term and also have Golden Star Signal for the medium-term dated Tuesday, May 07, 2024.

Golden Star Signal is when the short-term moving average, the long-term moving average, and price line meet in a special combination. This combination is very rare and often followed by long and strong gains for the ETF in question.

Support, Risk & Stop-loss for Invesco S&p 500® Equal Weight Consumer ETF

Invesco S&p 500® Equal Weight Consumer finds support from accumulated volume at $47.63 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 therefore the general risk is considered very low. However, be aware of low or falling volume and make sure to keep an eye on the ETF During the last day, the ETF moved $0.290 between high and low, or 0.607%. For the last week the ETF has had daily average volatility of 0.705%

Our recommended stop-loss: $46.06 (-4.10%) (This ETF has low daily movements and this gives low risk. There is a buy signal from a pivot bottom found 61 days ago.)

Trading Expectations (RSPD) For The Upcoming Trading Day Of Thursday 27th

For the upcoming trading day on Thursday, 27th we expect Invesco S&p 500® Equal Weight Consumer Discretionary Etf to open at $47.97, and during the day (based on 14 day Average True Range), to move between $47.56 and $48.50, which gives a possible trading interval of +/-$0.474 (+/-0.99%) up or down from last closing price. If Invesco S&p 500® Equal Weight Consumer Discretionary Etf takes out the full calculated possible swing range there will be an estimated 1.97% move between the lowest and the highest trading price during the day.

Since the stock is closer to the resistance from accumulated volume at $48.14 (0.23%) than the support at $47.63 (0.83%), our systems don't find the trading risk/reward intra-day attractive and any bets should be held until the stock is closer to the support level.

Is Invesco S&p 500® Equal Weight Consumer Discretionary Etf ETF A Buy?

Invesco S&p 500® Equal Weight Consumer 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.

Current score: -0.744 Hold/Accumulate Downgraded

Predicted Opening Price for Invesco S&p 500® Equal Weight Consumer Discretionary Etf of Thursday, June 27, 2024

The predicted opening price is based on yesterday's movements between high, low, and closing price.