SPDR NYSE Technology ETF Forecast

SPDR NYSE Technology ETF price up 1.02% on Tuesday
(Updated on Jul 02, 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. 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 $194.91 and $189.13. 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). Volume is rising along with the price. This is considered to be a good technical signal. 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 -0.0505%. Further fall is indicated until a new bottom pivot has been found.

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

On the downside, the ETF finds support just below today's level from accumulated volume at $186.37 and $181.41. 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, SPDR NYSE Technology finds support just below today's level at $186.37. If this is broken, then the next support from accumulated volume will be at $181.41 and $176.23.

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 $2.36 (1.21%) between high and low. For the last week, the ETF has had daily average volatility of 1.16%.

Since the SPDR NYSE Technology has been rising for 6 days in a row, the risk over the next couple of days has increased. We don't expect a major reaction as the ETF is in very good shape technically, and therefore hold a positive evaluation despite the very short term risk.

Our recommended stop-loss: $190.73 (-3.57%) (This ETF has low daily movements and this gives low risk. There is a sell signal from a pivot top found 50 days ago.)

Trading Expectations (XNTK) For The Upcoming Trading Day Of Wednesday 3rd

For the upcoming trading day on Wednesday, 3rd we expect SPDR NYSE Technology ETF to open at $197.00, and during the day (based on 14 day Average True Range), to move between $195.37 and $200.21, which gives a possible trading interval of +/-$2.42 (+/-1.22%) 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 2.45% move between the lowest and the highest trading price during the day.

Since the stock is closer to the resistance from accumulated volume at $197.89 (0.05%) than the support at $186.37 (5.77%), 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 SPDR NYSE Technology ETF ETF A Buy?

Several short-term signals, along with a general good trend, are positive and we conclude that the current level may hold a buying opportunity as there is a fair chance for SPDR NYSE Technology ETF to perform well in the short-term.

Current score: 4.839 Buy Candidate Unchanged

Predicted Opening Price for SPDR NYSE Technology ETF of Wednesday, July 3, 2024

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