SPY ETF Forecast
Stronger technical forecast for SPY ETF price after Tuesday trading.
(Updated on Jul 02, 2024)
The ETF lies in the middle of a weak 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 8.74% during the next 3 months and, with a 90% probability hold a price between $578.25 and $614.17 at the end of this 3-month period.
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SPY Signals & Forecast
Mostly positive signals in the chart today. 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 $545.42 and $535.67. A breakdown below any of these levels will issue sell signals. A buy signal was issued from a pivot bottom point on Friday, April 19, 2024, and so far it has risen 10.87%. 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 is rising along with the price. This is considered to be a good technical signal.
Support, Risk & Stop-loss for SPY ETF
On the downside, the ETF finds support just below today's level from accumulated volume at $513.12 and $510.84. 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 $513.12. If this is broken, then the next support from accumulated volume will be at $510.84 and $495.16.
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 $5.36 between high and low, or 0.99%. For the last week the ETF has had daily average volatility of 0.795%.
Our recommended stop-loss: $529.44 (-3.56%) (This ETF has low daily movements and this gives low risk. There is a buy signal from a pivot bottom found 66 days ago.)
Trading Expectations (SPY) For The Upcoming Trading Day Of Wednesday 3rd
For the upcoming trading day on Wednesday, 3rd we expect SPDR S&P 500 ETF to open at $547.21, and during the day (based on 14 day Average True Range), to move between $544.49 and $553.47, which gives a possible trading interval of +/-$4.49 (+/-0.82%) up or down from last closing price. If SPDR S&P 500 ETF takes out the full calculated possible swing range there will be an estimated 1.63% move between the lowest and the highest trading price during the day.
With no resistance above and support from accumulated volume @ $513.12, some $35.86 (6.53%) from the current price of $548.98, our system finds the risk reward attractive.
Is SPDR S&P 500 ETF ETF A Buy?
SPY holds several positive signals and is within a weak rising trend. As the old saying says, "Let the trend be your friend.'". We therefore consider it to be a good choice at these current levels and we are expecting further gains during the next 3 months. We have upgraded our analysis conclusion for this ETF since the last evaluation from a Buy to a Strong Buy candidate.
Current score: 6.475 Strong Buy Candidate Upgraded
Predicted Opening Price for SPDR S&P 500 ETF of Wednesday, July 3, 2024
Fair opening price July 3, 2024 | Current price |
---|---|
$547.21 ( 0.322%) | $548.98 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for SPY
Fibonacci Support & Resistance Levels
Level | Price | |
---|---|---|
R3 | 552.57 | 0.655% |
R2 | 550.53 | 0.282% |
R1 | 549.26 | 0.0512% |
Price | 548.98 | |
S1 | 545.17 | -0.695% |
S2 | 543.90 | -0.93% |
S3 | 541.85 | -1.30% |
Accumulated Volume Support & Resistance Levels
Level | Price | |
---|---|---|
R3 | 0 | - |
R2 | 0 | - |
R1 | 0 | - |
Price | 548.98 | |
S1 | 513.12 | -6.53% |
S2 | 510.84 | -6.95% |
S3 | 495.16 | -9.80% |
SPY Dividend Payout History
# | Ex-Date | Pay Date | Amount | Yield | |
---|---|---|---|---|---|
1 | Mar 15, 2024 | Mar 15, 2024 | Apr 30, 2024 | $1.59 | 0.318% |
2 | Dec 15, 2023 | Dec 15, 2023 | Dec 15, 2023 | $1.91 | 0.406% |
3 | Jan 19, 2023 | Sep 15, 2023 | Oct 31, 2023 | $1.58 | 0.379% |
4 | Jan 19, 2023 | Jun 16, 2023 | Jul 31, 2023 | $1.64 | 0.358% |
5 | Jan 19, 2023 | Mar 17, 2023 | Apr 28, 2023 | $1.51 | 0.362% |
FAQ
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