1/1/2024 0 Comments Stockspy level 2 analysisWe, therefore, hold a negative evaluation of this ETF. SPY holds several negative signals and we believe that it will still perform weakly in the next couple of days or weeks. Our systems sees the trading risk/reward intra-day as attractive and believe profit can be made before the stock reaches first resistance. Since the stock is closer to the support from accumulated volume at $389.80 (0.28%) If SPDR S&P 500 ETF takes out the full calculated possible swing range there will be an estimated 3.85% move between the lowest and the highest trading price during the day. Which gives a possible trading interval of +/-$7.52 (+/-1.92%) up or down from last closing price. Trading Expectations For The Upcoming Trading Day Of Wednesday 27thįor the upcoming trading day on Wednesday 27th we expect SPDR S&P 500 ETF to open at $391.63, and during day (based on 14 day Average True Range), We hold a negative evaluation for this stock. For the last week the ETF has had a daily average volatility of 1.39%. During the last day, the ETF moved $4.11 between high and low, or 1.05%. In general the ETF tends to have very controlled movements and with good liquidity the risk is considered very low in this stock. SPY finds support from accumulated volume at $389.80 and this level may hold a buying opportunity as an upwards reaction can be expected when the support is being tested. Volume fell together with the price during the last trading day and this reduces the overall risk as volume should follow the price movements. Further fall is indicated until a new bottom pivot has been found. A sell signal was issued from a pivot top point on Thursday, July 21, 2022, and so far it has fallen -1.98%. Some negative signals were issued as well, and these may have some influence on the near short-term development. Furthermore, there is a buy signal from the 3 month Moving Average Convergence Divergence (MACD). A break-up through the short-term average will send a buy signal, whereas a breakdown through the long-term average will send a sell signal. On a fall, the ETF will find some support from the long-term average at approximately $386.15. On further gains, the ETF will meet resistance from the short-term moving average at approximately $392.76. Since the short-term average is above the long-term average there is a general buy signal in the ETF giving a positive forecast for the stock. The SPY ETF holds a sell signal from the short-term moving average at the same time, however, there is a buy signal from the long-term average.
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