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Uptrend Broken SupportArchive
- 4/5/2024 -
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SPDRs (SPY) Technical Analysis
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| Summary:
| | Weekly :  | | Daily :
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| | It was the negative week for the SPDRs (SPY). During the week, the SPY gave back -4.64 points, or -0.89%, and closed at 518.43 on Friday, April 5, 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 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 price is near the trend resistance line (515.62). 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 524.61 on March 28, 2024. SPY gained -115.40 points, or -28.20%, in 21 weeks. The price is now at the 5.36% retracement level.
 Weekly Technical Indicators: [See SPY weekly technical indicators chart]
Weekly Williams' Percentage Range is overbought while Lane's Stochastic is strongly overbought. Use the Technical Stock Screener to see the list of stocks with overbought weekly Williams' Percentage Range or strongly overbought weekly Lane's Stochastic. During the last week, weekly Lane's Stochastic main line (%K) has declined below the overbought signal line (%D). Such crossover is considered a bearish 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 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. Use the following link to access a MACD help.
 Short-term trend: [See SPY short-term trend chart]
A short-term downtrend had started on March 28, 2024 at 524.61 and reached 512.76 on April 4, 2024. SPY lost 11.85 points, or 2.26%, in 7 days. The price is now at the 47.85% retracement level.
 Daily Technical Indicators: [See SPY daily technical indicators chart]
Daily technical indicators are neutral. During the last week, daily Lane's Stochastic signal line (%D) has moved below overbought area. Such crossover is considered a bearish signal.
The daily MACD line is below its signal line since March 22, 2024. This is an indication that the short-term trend is down.
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.
 Candlestick pattern: [See SPY candlestick chart pattern]
On Friday the chart has formed a Bullish Harami Candlestick pattern. A Bullish Harami indicates that the bearish trend may be reversing, it signals that it's a good time to enter into a long position. Use the Technical Stock Screener to see the list of stocks that had a Bullish Harami Candlestick pattern during the last week.
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