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Uptrend ExhaustionArchive
- 4/26/2024 -
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SPDRs (SPY) Technical Analysis
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| Summary:
| | | Weekly : | | Daily :  
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| | It was a first positive week after 3 consecutive negative weeks for the SPDRs (SPY). During the week, the SPY gained 13.10 points, or 2.65%, and closed at 508.26 on Friday, April 26, 2024. Weekly volume was -16% below average.
 Long-term trend: [See SPY long-term trend chart]
A long-term uptrend had started on October 13, 2022 at 348.12 and reached 524.61 on March 28, 2024. SPY gained -176.49 points, or -50.70%, in 76 weeks. The chart has formed a Broadening Ascending Wedge chart pattern. The trend support level is at 429.42 and resistance is at 520.49. A Broadening Ascending Wedge pattern is considered to be a reversal formation. It usually appears in a mature trend, characterized by overbought/oversold long-term and short-term indicators, and often generates divergence on long-term indicators. Use the following link to access a Broadening Ascending Wedge chart pattern help, or use a Technical Stock Screener to see the list of stocks with Broadening Ascending Wedge pattern in a long-term trend.
 Medium-term trend: [See SPY medium-term trend chart]
A medium-term downtrend had started on March 28, 2024 at 524.61 and reached 493.86 on April 19, 2024. SPY lost 30.75 points, or 5.86%, in 3 weeks. The chart has formed a Broadening Descending Wedge chart pattern. The trend support level is at 485.27 and resistance is at 513.58. Use the following link to access a Broadening Descending Wedge chart pattern help, or use a Technical Stock Screener to see the list of stocks with Broadening Descending Wedge pattern in a medium-term trend.
 Weekly Technical Indicators: [See SPY weekly technical indicators chart]
Weekly technical indicators are neutral.
The weekly MACD line is below its signal line since April 12, 2024. This is an indication that the medium-term trend is down. The distance between MACD and the signal line is low, but getting bigger. It indicates that the current medium-term downtrend is getting stronger. Use the following link to access a MACD help.
 Short-term trend: [See SPY short-term trend chart]
A short-term uptrend had started on April 19, 2024 at 493.86 and reached 509.88 on April 26, 2024. SPY gained -16.02 points, or -3.24%, in 7 days. The price is now at the 10.11% retracement level.
Daily Technical Indicators: [See SPY daily technical indicators chart]
Daily technical indicators are neutral. During the last week, daily Lane's Stochastic main line (%K) has rallied above the oversold signal line (%D). Such crossover is considered a bullish signal. Oscillators are designed to signal a possible trend reversal. They can act as alerts and should be taken in conjunction with other technical analysis tools. Oscillators can be used to confirm other technical signals. Use the following link to access Lane's Stochastic help.
The daily MACD line is below its signal line since March 22, 2024. The distance between MACD and the signal line is low and getting smaller.
During the last week, the price has risen above the Parabolic SAR (stop and reversal). A Parabolic SAR below the price is a bullish signal, and it indicates that momentum is likely to remain in the upward direction. A Parabolic SAR is used as a trailing stop loss for long or short positions. It works best during strong trending periods. Use the following links to access Parabolic SAR Help, or use the Technical Stock Screener to see the list of stocks with the Parabolic SAR close to the price level.
During the last week, the price has moved above the moving average in the center of the Bollinger Bands. The Bollinger Bands are often used with a non-oscillator indicator like chart patterns or a trendline. The signals are considered more reliable if these indicators confirm the recommendation of the Bollinger Bands. Use the following links to access the Bollinger Bands Help, or use the Technical Stock Screener to see the list of stocks with the price above the Upper Bollinger Band or below the Lower Bollinger Band.
During the last week, the 20 Day Moving Average has crossed below the 50 Day Moving Average. Such crossover is considered a bearish signal. The moving average crossover signals work better when the stock develops a strong trend, but they are ineffective when the stock is in a trading range. Moving average crossover systems can be effective, but should be used in conjunction with trend patterns, momentum indicators, candlesticks and other aspects of technical analysis. Use the following links to access Moving Average Crossover trading technique, or use the Technical Stock Screener to see the list of stocks with the Moving Average close to the price level.
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