SPY ETF Forecast

SPY ETF downgraded to Sell Candidate
(Updated on Apr 19, 2024)

SPY Signals & Forecast

There are few to no technical positive signals at the moment. The SPY 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 $504.58 and $514.02. A break-up above any of these levels will issue buy signals. A sell signal was issued from a pivot top point on Wednesday, March 27, 2024, and so far it has fallen -5.35%. Further fall is indicated until a new bottom pivot has been found. Furthermore, there is currently a sell signal from the 3 month Moving Average Convergence Divergence (MACD). 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 SPY ETF

SPY finds support from accumulated volume at $494.17 and this level may hold a buying opportunity as an upwards reaction can be expected when the support is being tested.

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 $6.59 between high and low, or 1.34%. For the last week the ETF has had daily average volatility of 1.41%.

SPY is oversold on RSI14 (22). Some ETFS may drop long and hard while being oversold on RSI before turning, which increases the general risk.

Our recommended stop-loss: We hold a negative evaluation for this stock. No stop-loss is set.

Trading Expectations (SPY) For The Upcoming Trading Day Of Monday 22nd

For the upcoming trading day on Monday, 22nd we expect SPDR S&P 500 ETF to open at $496.49, and during the day (based on 14 day Average True Range), to move between $489.29 and $501.03, which gives a possible trading interval of +/-$5.87 (+/-1.18%) 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 2.37% move between the lowest and the highest trading price during the day.

Since the stock is closer to the support from accumulated volume at $494.17 (0.20%) than the resistance at $509.67 (2.93%), 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 S&P 500 ETF ETF A Buy?

The SPY ETF holds several negative signals and despite the positive trend, we believe SPY will perform weakly in the next couple of days or weeks. Therefore, we hold a negative evaluation of this ETF. Due to some small weaknesses in the technical picture we have downgraded our analysis conclusion for this ETF since the last evaluation from a Hold/Accumulate to a Sell candidate.

Current score: -1.692 Sell Candidate Downgraded

Predicted Opening Price for SPDR S&P 500 ETF of Monday, April 22, 2024

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