The Greedy Trader Weekly Analysis
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- 3/15/2024 -
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SPDRs (SPY) Technical Analysis

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Summary:
Weekly :Broken trend support lineRelative Strength Index is overboughtWilliams' Percentage Range and Lane's Stochastic are strongly overboughtRelative Strength Index and Lane's Stochastic bearish divergenceTrend resistance at 511.07
Daily :Broken trend support lineThe price has fallen below the Parabolic SAR
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It was the negative week for the SPDRs (SPY). During the week, the SPY gave back -2.05 points, or -0.40%, and closed at 509.67 on Friday, March 15, 2024. It was the worst weekly loss since January 5, 2024. SPY was trading at average weekly trading volume.

Long-term trend: [See SPY long-term trend chart]
A long-term uptrend had started on October 13, 2022 at 348.12 and reached 518.22 on March 8, 2024. SPY gained -170.10 points, or -48.86%, in 73 weeks. The chart has formed a Broadening Ascending Wedge chart pattern. The price is near the trend resistance line (511.07). The resistance is usually stronger when technical indicators are overbought. Use the following links to access Trend Support/Resistance Help, or use the Technical Stock Screener to see the list of stocks with price testing the trend resistance line in a long-term trend.

Medium-term trend: [See SPY medium-term trend chart]
A medium-term uptrend had started on October 27, 2023 at 409.21 and reached 518.22 on March 8, 2024. SPY gained -109.01 points, or -26.64%, in 19 weeks. The chart has formed a Rising Channel chart pattern. The uptrend support line (511.63) is broken. A broken support is considered to be a long-term bearish signal. Use the following links to access Trend Support/Resistance Help, or use the Technical Stock Screener to see the list of stocks with broken trend support in a medium-term trend.

Weekly Technical Indicators: [See SPY weekly technical indicators chart]
Weekly Relative Strength Index is overbought while Williams' Percentage Range and Lane's Stochastic are strongly overbought. Use the Technical Stock Screener to see the list of stocks with overbought weekly Relative Strength Index or strongly overbought weekly Williams' Percentage Range and Lane's Stochastic. Weekly Relative Strength Index and Lane's Stochastic have bearish divergence. Use the following links to access the Relative Strength Index and Lane's Stochastic help, or use the Technical Stock Screener to see the list of stocks with weekly Relative Strength Index and Lane's Stochastic bearish divergence. The divergence between price and indicator is considering one of the most important buy/sell stocks trading 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 links to access Lane's Stochastic, Relative Strength Index and Williams' Percentage Range help.

The weekly MACD line is above its signal line since November 24, 2023. This is an indication that the medium-term trend is up. The distance between MACD and the signal line is relatively high, but getting smaller. It indicates that the current medium-term uptrend is still strong, and momentum is beginning to wane. 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 January 5, 2024 at 466.43 and reached 518.22 on March 8, 2024. SPY gained -51.79 points, or -11.10%, in 63 days. The chart has formed a Rising Channel chart pattern. The uptrend support line (513.54) is broken. A broken support is considered to be a long-term bearish signal. Use the following links to access Trend Support/Resistance Help, or use the Technical Stock Screener to see the list of stocks with broken trend support in a short-term trend.

Daily Technical Indicators: [See SPY daily technical indicators chart]
Daily technical indicators are neutral.

The daily MACD line is below its signal line since March 4, 2024. The distance between MACD and the signal line is low, but getting bigger.

During the last week, the price has fallen below the Parabolic SAR (stop and reversal). A Parabolic SAR above the price is a bearish signal, and it indicates that momentum is likely to remain in the downward 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.

Daily Oscillators
Description Value Status Divergence Chart
Relative Strength Index (RSI) 54.89
Williams' Percentage Range (W%R) 32.50
Lane's Stochastic (%D-Slow) 66.27
Greed/Fear Indicator (GFI) 62.89
Moving Average Converg./Diverg. (MACD) 6.01
Weekly Oscillators
Description Value Status Divergence Chart
Relative Strength Index (RSI) 83.50
Overbought Bearish
Williams' Percentage Range (W%R) 7.30
Strong Overbought
Lane's Stochastic (%D-Slow) 91.46
Strong Overbought Bearish
Greed/Fear Indicator (GFI) 81.87
Overbought
Moving Average Converg./Diverg. (MACD) 15.68
Trading Signals
Description Value Chart
Weekly Trendline Resistance 523.76
Monthly Trendline Resistance 521.58
Upper Bollinger Band 519.13
Parabolic System 518.74
Daily Stochastic Crossing 515.28
Weekly Stochastic Crossing 514.63
Weekly Trendline Support 513.54
Monthly Trendline Support 511.63
Quarterly Trendline Resistance 511.07
Price 509.67
20 Day Moving Average 508.67
Lower Bollinger Band 496.81
50 Day Moving Average 495.00
Quarterly Trendline Support 424.60
Sector and Industry
Description Name Rank
Sector
Industry
Daily Trend
Description Value
Direction Down
Chart Pattern DownTrend
High 518.22
High Date 03/08/2024
Low 508.12
Low Date 03/15/2024
Weekly Trend
Monthly Trend
Description Value
Direction Up
Chart Pattern Rising Channel
Status Broken Support
Resistance 523.76
Support 513.54
Low 466.43
Low Date 01/05/2024
High 518.22
High Date 03/08/2024
Description Value
Direction Up
Chart Pattern Rising Channel
Status Broken Support
Resistance 521.58
Support 511.63
Low 409.21
Low Date 10/27/2023
High 518.22
High Date 03/08/2024
Quarterly Trend
Yearly Trend
Description Value
Direction Up
Chart Pattern Broadening Ascending Wedge
Status Test Resistance
Resistance 511.07
Support 424.60
Low 348.12
Low Date 10/13/2022
High 518.22
High Date 03/08/2024
Description Value
Direction Up
Chart Pattern Uptrend
Status
Resistance
Support
Low 67.10
Low Date 03/06/2009
High 518.22
High Date 03/08/2024
Warning: TheGreedyTrader.com presents weekly analysis. Technical indicators and trend parameters are calculated for the close of business day indicated on the top right corner of the screen.