$SPY ES LONG / SHORT IDEA WED JULY 19
ES LONG / SHORT IDEA WED JULY 19
The SPY ETF experienced a significant upgrade from a Buy Candidate to a Strong Buy Candidate after the Tuesday trading session on July 18, 2023. The ETF's price demonstrated a gain of 0.743% on that day, rising from $450.84 to $454.19. Throughout the trading session, the ETF exhibited a fluctuation of 1.07%, ranging from a low of $450.05 to a high of $454.86. Over the past 10 days, the price has increased in 6 instances, resulting in a 2.34% gain over the course of 2 weeks. Notably, there was a notable increase in volume on this day, aligning with the price increase, which is considered a positive technical sign. The total number of shares traded reached 81 million, amounting to approximately $36.62 billion.
Currently, the ETF is situated in the upper portion of a narrow and robust rising trend in the short term. This situation may present a favorable selling opportunity for short-term traders as a retracement towards the lower part of the trend is anticipated. However, a break above the top trend line at $457.71 would indicate a stronger upward momentum. Based on the current short-term trend, it is projected that the ETF will rise by 10.64% in the next 3 months. With a 90% probability, it is expected to attain a price range between $483.66 and $506.41 at the end of this 3-month period.
Analyzing the chart signals and forecasts for the SPY ETF, there are mostly positive indications. Both short and long-term Moving Averages suggest buying the stock, providing a positive outlook. Furthermore, the relationship between these two signals indicates a general buy recommendation as the short-term average is higher than the long-term average. In the event of downward corrections, there will be support at the levels of $447.43 and $436.07. However, if the ETF breaks below these levels, it will trigger sell signals. On Monday, June 26, 2023, a buy signal was issued from a pivot bottom point, resulting in a 5.27% increase thus far. Further upward movement is anticipated until a new top pivot is identified. Additionally, the 3-month Moving Average Convergence Divergence (MACD) also provides a buy signal. Notably, volume is rising alongside the price, which is considered a positive technical indicator. It is worth mentioning that the ETF had a Golden Star Signal on Monday, March 27, 2023, according to the long-term chart.
The SPY ETF experienced a significant upgrade from a Buy Candidate to a Strong Buy Candidate after the Tuesday trading session on July 18, 2023. The ETF's price demonstrated a gain of 0.743% on that day, rising from $450.84 to $454.19. Throughout the trading session, the ETF exhibited a fluctuation of 1.07%, ranging from a low of $450.05 to a high of $454.86. Over the past 10 days, the price has increased in 6 instances, resulting in a 2.34% gain over the course of 2 weeks. Notably, there was a notable increase in volume on this day, aligning with the price increase, which is considered a positive technical sign. The total number of shares traded reached 81 million, amounting to approximately $36.62 billion.
Currently, the ETF is situated in the upper portion of a narrow and robust rising trend in the short term. This situation may present a favorable selling opportunity for short-term traders as a retracement towards the lower part of the trend is anticipated. However, a break above the top trend line at $457.71 would indicate a stronger upward momentum. Based on the current short-term trend, it is projected that the ETF will rise by 10.64% in the next 3 months. With a 90% probability, it is expected to attain a price range between $483.66 and $506.41 at the end of this 3-month period.
Analyzing the chart signals and forecasts for the SPY ETF, there are mostly positive indications. Both short and long-term Moving Averages suggest buying the stock, providing a positive outlook. Furthermore, the relationship between these two signals indicates a general buy recommendation as the short-term average is higher than the long-term average. In the event of downward corrections, there will be support at the levels of $447.43 and $436.07. However, if the ETF breaks below these levels, it will trigger sell signals. On Monday, June 26, 2023, a buy signal was issued from a pivot bottom point, resulting in a 5.27% increase thus far. Further upward movement is anticipated until a new top pivot is identified. Additionally, the 3-month Moving Average Convergence Divergence (MACD) also provides a buy signal. Notably, volume is rising alongside the price, which is considered a positive technical indicator. It is worth mentioning that the ETF had a Golden Star Signal on Monday, March 27, 2023, according to the long-term chart.
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