SDY closes higher for the 2nd day in a row
SPDR S&P Dividend (SDY) Technical Analysis Report for Jun 30, 2020 | by Techniquant Editorial Team
Moving higher for the 2nd day in a row, SDY ended the month 0.41% higher at 91.20 after gaining $1.13 (1.25%) today. The bulls were in full control today, moving the market higher throughout the whole session. Closing above Monday's high at 90.17, the market confirmed its breakout through the previous session high after trading up to $1.45 above it intraday.
Daily Candlestick Chart (SDY as at Jun 30, 2020):
Tuesday's trading range has been $1.87 (2.08%), that's slightly below the last trading month's daily average range of $2.21. Weekly volatility is also lower, being below the market's average weekly trading range. The longer-term, monthly volatility is currently slightly lower than usual for SDY.
One bullish candlestick pattern matches today's price action, the White Candle.
Prices are trading close to the key technical resistance level at 92.74 (R1).
SPDR S&P shows weakness in the short-term (in accordance with its long-term downtrend) with only the medium-term trend still being bullish.
Buying might accelerate should prices move above the nearby swing high at 92.96 where further buy stops could get activated.
Among the five market conditions that our pattern recognition engine identified today, the statistics for the Price Action based market condition "2 Consecutive Higher Closes" stand out. Its common bullish interpretation has been confirmed for SPDR S&P. Out of 327 times, SDY closed higher 55.05% of the time on the next trading day after the market condition occurred. The optimal exit for swing trading this condition on the long side has been after 10 trading days, showing a win rate of 62.39% with an average market move of 0.36%.