$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.
إخلاء المسؤولية
لا يُقصد بالمعلومات والمنشورات أن تكون، أو تشكل، أي نصيحة مالية أو استثمارية أو تجارية أو أنواع أخرى من النصائح أو التوصيات المقدمة أو المعتمدة من TradingView. اقرأ المزيد في شروط الاستخدام.