SPLG closes higher for the 2nd day in a row
SPDR Series Trust Portfolio Large Cap (SPLG) Technical Analysis Report for Jun 30, 2020 | by Techniquant Editorial Team
Moving higher for the 2nd day in a row, SPLG ended the month 1.46% higher at 36.25 after gaining $0.49 (1.37%) today. The bulls were in full control today, moving the market higher throughout the whole session. Closing above Monday's high at 35.76, the market confirmed its breakout through the previous session high after trading up to $0.67 above it intraday.
Daily Candlestick Chart (SPLG as at Jun 30, 2020):
Tuesday's trading range has been $0.72 (2.02%), that's slightly above the last trading month's daily average range of $0.69. Things look different on the weekly timeframe, where the market's trading range of the last week has been slightly below the market's average weekly trading range. The longer-term, monthly volatility is currently slightly lower than usual for SPLG.
One bullish candlestick pattern matches today's price action, the White Candle.
The ETF shows weakness in the short-term (in accordance with its long-term downtrend) with only the medium-term trend still being bullish.
Buying could accelerate should prices move above the nearby swing high at 36.95 where further buy stops might 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 Series. Out of 281 times, SPLG closed higher 59.43% 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 64.06% with an average market move of 0.60%.