SPY closes above its opening price after recovering from early selling pressure

SPDR S&P 500 ETF (SPY) Technical Analysis Report for May 17, 2018

Highlights

SPY closes above its opening price after recovering from early selling pressure
SPY finds buyers again around 271.13
SPY closes within previous day's range after lackluster session
SPY ends the day indecisive

TQ Sentiment

Report Sentiment: 28% Bullish
Technical Forecast:

Overview

SPY finished Thursday at 272.01 edging lower $0.23 (-0.08%) on low volume. Trading up to $0.81 lower after the open, the ETF managed to reverse during the session as bulls took control ending the day above its opening price. Closing within the prior day's range, prices failed to decisively move past the previous day's trading range in a lackluster session. Ending the day with an indecisive close, neither buyers nor sellers were able to gain control during the session.

Daily chart for SPY

Volatility

Thursday's trading range was $2.10 (0.77%), that's below last trading month's daily average range of $2.89. Things look different on a weekly scale, where volatility is below the markets average with the monthly volatility being slightly above average.

Support/Resistance

Prices are trading close to the key resistance level at 273.39. After having been unable to move lower than 271.11 in the prior session, the market found buyers again around the same price level today at 271.13.

Trend

SPY shows strength in the short-term supported by its long-term uptrend with only the medium-term trend being bearish.

Order Flow

Buying could accelerate should prices move above the close-by swing high at 274.08 where further buy stops might get triggered. Selling could speed up should prices move below the nearby swing low at 270.03 where further sell stops might get activated.

Conclusion

While classical technical analysis indicates a neutral sentiment for the next trading day, our quantitative statistics show a different picture being bullish.

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