Red day on Monday for THE TECHNOLOGY SELECT SECTOR SPDR FUND ETF after losing 0.7%
(Updated on Sep 26, 2022)
Sell candidate since 2022-09-23 Loss -0.70% PDF
The THE TECHNOLOGY SELECT SECTOR SPDR FUND ETF price fell by -0.70% on the last day (Monday, 26th Sep 2022) from $123.74 to $122.88. It has now fallen 6 days in a row. During the last trading day the ETF fluctuated 2.37% from a day low at $122.53 to a day high of $125.43. The price has fallen in 8 of the last 10 days and is down by -11.85% for this period. Volume fell on the last day along with the ETF, which is actually a good sign as volume should follow the ETF. On the last day, the trading volume fell by -1 million shares and in total, 9 million shares were bought and sold for approximately $1.06 billion.
Given the current horizontal trend, you can expect THE TECHNOLOGY SELECT SECTOR SPDR FUND ETF with a 90% probability to be traded between $122.93 and $151.65 at the end of this 3-month period. A break of a horizontal trend is often followed by a large increase in the volume, and ETFS seldom manage to go directly from the bottom of a trend up to the top. ETFS turning up in the middle of a horizontal trend are therefore considered to be potential runners.
Signals & Forecast
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 THE TECHNOLOGY SELECT SECTOR SPDR FUND ETF holds sell signals from both short and long-term moving averages giving a more negative forecast for the stock. Also, there is a general sell signal from the relation between the two signals where the long-term average is above the short-term average. On corrections up, there will be some resistance from the lines at $126.50 and $138.27. A break-up above any of these levels will issue buy signals. A sell signal was issued from a pivot top point on Monday, August 15, 2022, and so far it has fallen -18.92%. Further fall is indicated until a new bottom pivot has been found. Volume fell together with the price during the last trading day and this reduces the overall risk as volume should follow the price movements.
Support, Risk & Stop-loss
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 $2.90 between high and low, or 2.37%. For the last week, the ETF has had daily average volatility of 2.22%.
Our recommended stop-loss: We hold a negative evaluation for this stock. No stop-loss is set.
Trading Expectations For The Upcoming Trading Day Of Tuesday 27th
For the upcoming trading day on Tuesday, 27th we expect THE TECHNOLOGY SELECT SECTOR SPDR FUND to open at $123.61, and during the day (based on 14 day Average True Range), to move between $119.75 and $126.01, which gives a possible trading interval of +/-$3.13 (+/-2.55%) up or down from last closing price. If THE TECHNOLOGY SELECT SECTOR SPDR FUND takes out the full calculated possible swing range there will be an estimated 5.09% move between the lowest and the highest trading price during the day.
With no support below and resistance from accumulated volume @ $0.86 (0.70%) our system find the risk reward not very attractive.
Is THE TECHNOLOGY SELECT SECTOR SPDR FUND ETF A Buy?
THE TECHNOLOGY SELECT SECTOR SPDR FUND holds several negative signals and is within a wide and falling trend, so we believe it will still perform weakly in the next couple of days or weeks. We therefore hold a negative evaluation of this ETF.
Current score: -1.253Sell Candidate Unchanged
Predicted Opening Price for THE TECHNOLOGY SELECT SECTOR SPDR FUND of Tuesday, September 27, 2022
The predicted opening price is based on yesterday's movements between high, low, and closing price.
|Fair opening price September 27, 2022||Current price|
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About THE TECHNOLOGY SELECT SECTOR SPDR FUND
In seeking to track the performance of the index, the fund employs a replication strategy, which means that the fund typically invests in substantially all of the securities represented in the index in approximately the same proportions as the index. It generally invests substantially all, but at least 95%, of its total assets in the securities comprising the index. The fund is non-diversified.... XLK Profile
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