SPDR NYSE Technology ETF Forecast

Evaluation of SPDR NYSE Technology ETF downgraded after the last trading session.
(Updated on May 08, 2024)

XNTK Signals & Forecast

The SPDR NYSE Technology ETF holds buy signals from both short and long-term Moving Averages giving a positive forecast for the stock, but the ETF has a general sell signal from the relation between the two signals where the long-term average is above the short-term average. On corrections down, there will be some support from the lines at $176.58 and $178.33. 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 Monday, May 06, 2024, and so far it has fallen -0.86%. Further fall is indicated until a new bottom pivot has been found. SPDR NYSE Technology gained volume on the last day, but on falling prices. In technical terms, this is called divergence and may be an early warning. In some cases, increasing volume on falling prices may be considered positive, but that is mainly in typical "sell-offs".

Support, Risk & Stop-loss for SPDR NYSE Technology ETF

SPDR NYSE Technology finds support from accumulated volume at $178.57 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 $1.34 (0.754%) between high and low. For the last week, the ETF has had daily average volatility of 0.750%.

Our recommended stop-loss: $173.52 (-3.11%) (This ETF has low daily movements and this gives low risk. There is a sell signal from a pivot top found 2 days ago.)

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

For the upcoming trading day on Thursday, 9th we expect SPDR NYSE Technology ETF to open at $178.65, and during the day (based on 14 day Average True Range), to move between $176.01 and $182.15, which gives a possible trading interval of +/-$3.07 (+/-1.71%) up or down from last closing price. If SPDR NYSE Technology ETF takes out the full calculated possible swing range there will be an estimated 3.43% move between the lowest and the highest trading price during the day.

Since the stock is closer to the support from accumulated volume at $178.57 (0.29%) than the resistance at $181.41 (1.30%), our systems sees the trading risk/reward intra-day as attractive and believe profit can be made before the stock reaches first resistance..

Is SPDR NYSE Technology ETF ETF A Buy?

SPDR NYSE Technology 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: 0.577 Hold/Accumulate Downgraded

Predicted Opening Price for SPDR NYSE Technology ETF of Thursday, May 9, 2024

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