SPYV closes within previous day's range
SPDR Series Trust Portfolio S&P 500 Value (SPYV) Technical Analysis Report for Aug 15, 2019 | by Techniquant Editorial Team
SPYV ended Thursday at 30.08 edging higher $0.02 (0.07%). Closing within the previous day's range, prices failed to decisively move beyond the prior day's trading range.
Daily Candlestick Chart (SPYV as at Aug 15, 2019):
Thursday's trading range has been $0.37 (1.23%), that's slightly below the last trading month's daily average range of $0.39. Things look different on the weekly timeframe, where the market's trading range of the last week has been above the market's average weekly trading range. The longer-term, monthly volatility is currently higher than usual for SPYV.
Two candlestick patterns are matching today's price action, the Hammer and the Homing Pigeon which are both known as bullish patterns.
After trading down to 29.85 earlier during the day, SPDR Series bounced off the key technical support level at 30.03 (S1). The failure to close below the support might increase that levels importance as support going forward. When prices bounced off a significant support level the last time on August 5th, SPYV gained 1.26% on the following trading day.
Though still in a long-term uptrend, the short and medium-term trends both turned bearish already.
Among the three market conditions that our pattern recognition engine identified today, the statistics for the OHLC Patterns based market condition "Hammer" stand out. Its common bullish interpretation has been confirmed for SPDR Series. Out of 25 times, SPYV closed higher 60.00% 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 76.00% with an average market move of 1.27%.