SPDR Portfolio S&P 500 ETF Forecast
Weaker technical forecast for SPDR Portfolio S&P 500 as ETF downgraded to Hold/Accumulate.
(Updated on May 21, 2024)
The SPDR Portfolio S&P 500 ETF price gained 0.241% on the last trading day (Tuesday, 21st May 2024), rising from $62.35 to $62.50. 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 0.462% from a day low at $62.23 to a day high of $62.52. The price has risen in 8 of the last 10 days and is up by 2.73% over the past 2 weeks. Volume fell on the last day by -1 million shares and in total, 4 million shares were bought and sold for approximately $276.44 million. You should take into consideration that falling volume on higher prices causes divergence and may be an early warning about possible changes over the next couple of days.
The ETF has broken the horizontal trend up. Breaks like this are often followed by swift and strong movements, and any correction down to the breakline at approximately. $62.04 is considered to be a "second chance" to hit a potential runner. It is, however, important that volume does follow the price as false breaks may appear and it may move back into the horizontal trend. Based on the rectangle-formation theory the ETF is predicted to reach $65.54 sometime during the next 3 months.
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SPLG Signals & Forecast
The SPDR Portfolio S&P 500 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 $62.06 and $60.40. A breakdown below any of these levels will issue sell signals. A buy signal was issued from a pivot bottom point on Wednesday, May 01, 2024, and so far it has risen 6.20%. 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.
Support, Risk & Stop-loss for SPDR Portfolio S&P 500 ETF
SPDR Portfolio S&P 500 finds support from accumulated volume at $61.03 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 $0.287 (0.462%) between high and low. For the last week, the ETF has had daily average volatility of 0.562%.
The SPDR Portfolio S&P 500 ETF is extremely overbought on RSI14 (96). Normally this may pose a good selling opportunity but since the ETF has broken the trend up, the chance for a major correction due to high RSI is very small as the ETF will find support at the trend broken.
Our recommended stop-loss: $59.79 (-4.33%) (This ETF has low daily movements and this gives low risk. The RSI14 is 96 and this increases the risk substantially. There is a buy signal from a pivot bottom found 22 days ago.)
Trading Expectations (SPLG) For The Upcoming Trading Day Of Wednesday 22nd
For the upcoming trading day on Wednesday, 22nd we expect SPDR Portfolio S&P 500 ETF to open at $62.42, and during the day (based on 14 day Average True Range), to move between $61.98 and $63.02, which gives a possible trading interval of +/-$0.523 (+/-0.84%) up or down from last closing price. If SPDR Portfolio S&P 500 ETF takes out the full calculated possible swing range there will be an estimated 1.67% move between the lowest and the highest trading price during the day.
With no resistance above and support from accumulated volume @ $61.03, some $1.47 (2.35%) from the current price of $62.50, our system finds the risk reward attractive.
Is SPDR Portfolio S&P 500 ETF ETF A Buy?
SPDR Portfolio S&P 500 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 Strong Buy to a Hold/Accumulate candidate.
Current score: 0.000 Hold/Accumulate Downgraded
Zero in score indicates that our system is expecting high volatility and risk for the following trading day. Given the latest developments, we cannot determine the next direction as it may go both ways.
Predicted Opening Price for SPDR Portfolio S&P 500 ETF of Wednesday, May 22, 2024
Fair opening price May 22, 2024 | Current price |
---|---|
$62.42 ( 0.135%) | $62.50 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for SPLG
Fibonacci Support & Resistance Levels
Level | Price | |||
---|---|---|---|---|
Resistance | R3 | 62.70 | 0.325 % | |
R2 | 62.59 | 0.149 % | ||
R1 | 62.53 | 0.0408 % | ||
Current price: | 62.50 | |||
Support | S1 | 62.31 | -0.310 % | |
S2 | 62.24 | -0.419 % | ||
S3 | 62.13 | -0.594 % |
Accumulated Volume Support & Resistance Levels
Level | Price | |||
---|---|---|---|---|
Resistance | R3 | 0 | . | |
R2 | 0 | . | ||
R1 | 0 | . | ||
Current price | 62.50 | |||
Support | S1 | 61.03 | -2.35% | |
S2 | 60.57 | -3.09% | ||
S3 | 59.22 | -5.25% |
SPLG Dividend Payout History
# | Ex-Date | Pay Date | Amount | Yield | |
---|---|---|---|---|---|
1 | Mar 18, 2024 | Mar 18, 2024 | Mar 21, 2024 | $0.202 | 0.329% |
2 | Dec 18, 2023 | Dec 18, 2023 | Dec 18, 2023 | $0.221 | 0.398% |
3 | Jan 13, 2023 | Sep 18, 2023 | Sep 21, 2023 | $0.198 | 0.390% |
4 | Jan 13, 2023 | Jun 20, 2023 | Jun 23, 2023 | $0.203 | 0.398% |
5 | Jan 13, 2023 | Mar 20, 2023 | Mar 23, 2023 | $0.183 | 0.396% |
FAQ
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