Invesco S&P 500 Equal Weight Technology ETF Forecast

Evaluation of Invesco S&P 500 Equal Weight Technology ETF downgraded after the last trading session.
(Updated on May 08, 2024)

RSPT Signals & Forecast

A buy signal was issued from a pivot bottom point on Friday, April 19, 2024, and so far it has risen 5.51%. 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 fell during the last trading day despite gaining prices. This causes a divergence between volume and price and it may be an early warning. The ETF should be watched closely. 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 Technology ETF holds a buy signal from the short-term Moving Average; at the same time, however, the long-term average holds a general sell signal. Since the longterm average is above the short-term average there is a general sell signal in the ETF giving a more negative forecast for the stock. On further gains, the ETF will meet resistance from the long-term Moving Average at $33.97. On a fall, the ETF will find some support from the short-term average at $33.34. A break-up through the long-term average will give another buy signal, while a fall below the short-term average will add another sell signal and strengthen the general signal. The ETF had a Golden Star Signal on Tuesday, May 16, 2023 in the long-term chart.

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 Technology ETF

Invesco S&P 500 Equal Weight Technology finds support from accumulated volume at $33.49 and this level may hold a buying opportunity as an upwards reaction can be expected when the support is being tested.

This ETF is usually traded at a good volume, and with minor daily changes, the risk is considered to be low. During the last day, the ETF moved $0.345 (1.03%) between high and low. For the last week, the ETF has had daily average volatility of 1.07%.

Our recommended stop-loss: We hold a negative evaluation for this stock. No stop-loss is set.

Trading Expectations (RSPT) For The Upcoming Trading Day Of Thursday 9th

For the upcoming trading day on Thursday, 9th we expect Invesco S&P 500 Equal Weight Technology ETF to open at $33.80, and during the day (based on 14 day Average True Range), to move between $33.35 and $34.41, which gives a possible trading interval of +/-$0.528 (+/-1.56%) up or down from last closing price. If Invesco S&P 500 Equal Weight Technology ETF takes out the full calculated possible swing range there will be an estimated 3.11% move between the lowest and the highest trading price during the day.

Since the stock is closer to the resistance from accumulated volume at $33.97 (0.27%) than the support at $33.49 (1.15%), 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 Technology ETF ETF A Buy?

Invesco S&P 500 Equal Weight Technology holds several negative signals and we believe that it will still perform weakly in the next couple of days or weeks. We, therefore, hold a negative evaluation of this ETF. Due to some small weaknesses in the technical picture we have downgraded our analysis conclusion for this ETF since the last evaluation from a Hold/Accumulate to a Sell candidate.

Current score: -1.541 Sell Candidate Downgraded

Predicted Opening Price for Invesco S&P 500 Equal Weight Technology ETF of Thursday, May 9, 2024

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