Invesco S&P 500 Momentum ETF Forecast
Evaluation of Invesco S&P 500 Momentum ETF downgraded after the last trading session.
(Updated on Jun 28, 2024)
The Invesco S&P 500 Momentum ETF price fell by -0.591% on the last day (Friday, 28th Jun 2024) from $87.98 to $87.46. During the last trading day the ETF fluctuated 1.75% from a day low at $87.39 to a day high of $88.92. The price has risen in 6 of the last 10 days and is up by 0.57% over the past 2 weeks. Volume has increased on the last day by 459 thousand shares but on falling prices. This may be an early warning and the risk will be increased slightly over the next couple of days. In total, 797 thousand shares were bought and sold for approximately $69.74 million.
The ETF lies in the middle of a strong rising trend in the short term and a further rise within the trend is signaled. Given the current short-term trend, the ETF is expected to rise 13.46% during the next 3 months and, with a 90% probability hold a price between $93.49 and $101.93 at the end of this 3-month period.
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SPMO Signals & Forecast
The Invesco S&P 500 Momentum 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 $87.43 and $83.75. A breakdown below any of these levels will issue sell signals. 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. A sell signal was issued from a pivot top point on Tuesday, June 18, 2024, and so far it has fallen -1.32%. Further fall is indicated until a new bottom pivot has been found. Volume rose on falling prices yesterday. This may be an early warning and the ETF should be followed more closely.
Support, Risk & Stop-loss for Invesco S&P 500 Momentum ETF
Invesco S&P 500 Momentum finds support from accumulated volume at $86.19 and this level may hold a buying opportunity as an upwards reaction can be expected when the support is being tested.
This ETF has average movements during the day and with good trading volume, the risk is considered to be medium. During the last day, the ETF moved $1.53 between high and low, or 1.75%. For the last week, the ETF has had daily average volatility of 1.15%.
Our recommended stop-loss: $84.52 (-3.36%) (This ETF has medium daily movements and this gives medium risk. There is a sell signal from a pivot top found 48 days ago.)
Trading Expectations (SPMO) For The Upcoming Trading Day Of Monday 1st
For the upcoming trading day on Monday, 1st we expect Invesco S&P 500 Momentum ETF to open at $87.92, and during the day (based on 14 day Average True Range), to move between $86.37 and $88.55, which gives a possible trading interval of +/-$1.09 (+/-1.25%) up or down from last closing price. If Invesco S&P 500 Momentum ETF takes out the full calculated possible swing range there will be an estimated 2.50% move between the lowest and the highest trading price during the day.
Since the stock is closer to the resistance from accumulated volume at $87.97 (0.58%) than the support at $86.19 (1.45%), 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 Momentum ETF ETF A Buy?
Invesco S&P 500 Momentum 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: -0.097 Hold/Accumulate Downgraded
Predicted Opening Price for Invesco S&P 500 Momentum ETF of Monday, July 1, 2024
| Fair opening price July 1, 2024 | Current price |
|---|---|
| $87.92 ( 0.530%) | $87.46 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for SPMO
Fibonacci Support & Resistance Levels
| Level | Price | |
|---|---|---|
| R3 | 89.45 | 2.28% |
| R2 | 88.87 | 1.61% |
| R1 | 88.51 | 1.20% |
| Price | 87.46 | |
| S1 | 87.34 | -0.138% |
| S2 | 86.98 | -0.551% |
| S3 | 86.39 | -1.22% |
Accumulated Volume Support & Resistance Levels
| Level | Price | |
|---|---|---|
| R3 | 88.63 | 1.34% |
| R2 | 88.37 | 1.04% |
| R1 | 87.97 | 0.583% |
| Price | 87.46 | |
| S1 | 86.19 | -1.45% |
| S2 | 82.51 | -5.66% |
| S3 | 81.42 | -6.91% |
SPMO Dividend Payout History
| # | Ex-Date | Pay Date | Amount | Yield | |
|---|---|---|---|---|---|
| 1 | Mar 18, 2024 | Mar 18, 2024 | Mar 22, 2024 | $0.127 | 0.157% |
| 2 | Dec 18, 2023 | Dec 18, 2023 | Dec 18, 2023 | $0.164 | 0.254% |
| 3 | Jan 02, 2023 | Sep 18, 2023 | Sep 22, 2023 | $0.278 | 0.484% |
| 4 | Jan 02, 2023 | Jun 20, 2023 | Jun 23, 2023 | $0.280 | 0.512% |
| 5 | Jan 02, 2023 | Mar 20, 2023 | Mar 24, 2023 | $0.343 | 0.652% |
FAQ
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