SPY closes higher for the 2nd day in a row

SPDR S&P 500 ETF (SPY) Technical Analysis Report for Jun 01, 2020 | by Techniquant Editorial Team


SPY rises to highest close since March 4th
SPY closes higher for the 2nd day in a row
SPY pushes through Friday's high


Moving higher for the 2nd day in a row, SPY ended Monday at 305.45 gaining $1.13 (0.37%) on low volume. Today's close at 305.45 marks the highest recorded closing price since March 4th. Closing above Friday's high at 304.96, the ETF confirmed its breakout through the previous session high after trading up to $1.24 above it intraday.

Daily Candlestick Chart (SPY as at Jun 01, 2020):

Daily technical analysis candlestick chart for SPDR S&P 500 ETF (SPY) as at Jun 01, 2020

Monday's trading range has been $3.14 (1.03%), that's below the last trading month's daily average range of $5.08. Weekly volatility is also lower, being slightly below the market's average weekly trading range. The longer-term, monthly volatility is currently slightly higher than usual for SPY.

Two candlestick patterns are matching today's price action, the Bullish Short Candle and the White Candle which are both known as bullish patterns. The last time a White Candle showed up on May 15th, SPY gained 3.05% on the following trading day.

Though still in a long-term downtrend, the short and medium-term trends both turned bullish already.

Buying might accelerate should prices move above the close-by swing high at 306.84 where further buy stops could get activated. Selling might speed up should prices move below the nearby swing low at 299.47 where further sell stops could get triggered.

Among the six market conditions that our pattern recognition engine identified today, the statistics for the OHLC Patterns based market condition "Bullish Short Candle" stand out. Its common bullish interpretation has been confirmed for SPY. Out of 132 times, SPY closed higher 53.79% 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 70.45% with an average market move of 0.74%.

Market Conditions for SPY as at Jun 01, 2020

Loading Market Conditions for SPY (SPDR S&P 500 ETF)...
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