The Greedy Trader Weekly Analysis
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- 3/15/2024 -
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Financial Select Sector SPDR (XLF) Technical Analysis

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Summary:
Weekly :Relative Strength Index, Williams' Percentage Range and Lane's Stochastic are strongly overboughtStochastic has declined below the signal lineRelative Strength Index, Lane's Stochastic and MACD bearish divergenceBroken trend resistance lineBroken trend resistance line
Daily :The price has fallen below the Parabolic SAR
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It was a ninth consecutive positive week for the Financial Select Sector SPDR (XLF). During the week, the XLF climbed 0.19 points, or 0.47%, and closed at 40.81 on Friday, March 15, 2024. Weekly volume was 14% above average.

Long-term trend: [See XLF long-term trend chart]
A long-term downtrend had started on January 13, 2022 at 41.70 and reached 29.59 on October 13, 2022. XLF lost 12.11 points, or 29.04%, in 39 weeks. The chart has formed a Symmetric Triangle chart pattern. The downtrend resistance line (32.16) is broken. A broken support is considered to be a long-term bullish signal. Use the following links to access Trend Support/Resistance Help, or use the Technical Stock Screener to see the list of stocks with broken trend resistance line in a long-term trend.

Medium-term trend: [See XLF medium-term trend chart]
A medium-term uptrend had started on October 13, 2022 at 29.59 and reached 41.25 on March 14, 2024. XLF gained -11.66 points, or -39.41%, in 74 weeks. The chart has formed a Symmetric Triangle chart pattern. The uptrend resistance line (32.00) is broken. Usually a broken resistance is considered to be a long-term bullish signal, although a short-term pull back is possible. Use the following links to access Trend Support/Resistance Help, or use the Technical Stock Screener to see the list of stocks with broken trend resistance line in a medium-term trend.

Weekly Technical Indicators: [See XLF weekly technical indicators chart]
Weekly Relative Strength Index, Williams' Percentage Range and Lane's Stochastic are strongly overbought. Use the Technical Stock Screener to see the list of stocks with strongly overbought weekly overbought Relative Strength Index, Williams' Percentage Range and Lane's Stochastic. During the last week, weekly Lane's Stochastic main line (%K) has declined below the overbought signal line (%D). Such crossover is considered a bearish signal. Weekly Relative Strength Index, Lane's Stochastic and MACD have bearish divergence. Use the following links to access the Relative Strength Index, Lane's Stochastic and MACD help, or use the Technical Stock Screener to see the list of stocks with weekly Relative Strength Index, Lane's Stochastic and MACD bearish divergence. The divergence between price and indicator is considering one of the most important buy/sell stocks trading signal. Oscillators are designed to signal a possible trend reversal. They can act as alerts and should be taken in conjunction with other technical analysis tools. Oscillators can be used to confirm other technical signals. Use the following links to access Lane's Stochastic, Relative Strength Index and Williams' Percentage Range help.

The weekly MACD line is above its signal line since November 17, 2023. This is an indication that the medium-term trend is up. Use the following link to access a MACD help.

Short-term trend: [See XLF short-term trend chart]
A short-term uptrend had started on January 18, 2024 at 36.95 and reached 41.25 on March 14, 2024. XLF gained -4.30 points, or -11.64%, in 56 days. The price is now at the 10.23% retracement level.

Daily Technical Indicators: [See XLF daily technical indicators chart]
Daily technical indicators are neutral.

The daily MACD line is below its signal line since March 14, 2024. The distance between MACD and the signal line is low, but getting bigger.

During the last week, the price has fallen below the Parabolic SAR (stop and reversal). A Parabolic SAR above the price is a bearish signal, and it indicates that momentum is likely to remain in the downward direction. A Parabolic SAR is used as a trailing stop loss for long or short positions. It works best during strong trending periods. Use the following links to access Parabolic SAR Help, or use the Technical Stock Screener to see the list of stocks with the Parabolic SAR close to the price level.

Daily Oscillators
Description Value Status Divergence Chart
Relative Strength Index (RSI) 71.26
Williams' Percentage Range (W%R) 33.70
Lane's Stochastic (%D-Slow) 75.87
Greed/Fear Indicator (GFI) 71.15
Moving Average Converg./Diverg. (MACD) 0.53
Weekly Oscillators
Description Value Status Divergence Chart
Relative Strength Index (RSI) 96.61
Strong Overbought Bearish
Williams' Percentage Range (W%R) 6.60
Strong Overbought
Lane's Stochastic (%D-Slow) 92.99
Strong Overbought Bearish
Greed/Fear Indicator (GFI) 83.75
Overbought
Moving Average Converg./Diverg. (MACD) 1.29 Bearish
Trading Signals
Description Value Chart
Parabolic System 41.18
Upper Bollinger Band 41.13
Daily Stochastic Crossing 41.01
Weekly Stochastic Crossing 41.00
Price 40.81
20 Day Moving Average 40.37
Lower Bollinger Band 39.45
50 Day Moving Average 39.19
Quarterly Trendline Resistance 33.71
Sector and Industry
Description Name Rank
Sector
Industry
Daily Trend
Description Value
Direction Up
Chart Pattern Uptrend
Low 36.95
Low Date 01/18/2024
High 41.25
High Date 03/14/2024
Weekly Trend
Monthly Trend
Description Value
Direction Up
Chart Pattern Uptrend
Status
Resistance
Support
Low 31.35
Low Date 10/27/2023
High 41.25
High Date 03/14/2024
Description Value
Direction Up
Chart Pattern Uptrend
Status
Resistance
Support
Low 30.39
Low Date 03/24/2023
High 41.25
High Date 03/14/2024
Quarterly Trend
Yearly Trend
Description Value
Direction Up
Chart Pattern Symmetric Triangle
Status Broken Resistance
Resistance 33.71
Support 32.00
Low 29.59
Low Date 10/13/2022
High 41.25
High Date 03/14/2024
Description Value
Direction Down
Chart Pattern Symmetric Triangle
Status Broken Resistance
Resistance 32.35
Support 32.16
High 41.70
High Date 01/13/2022
Low 29.59
Low Date 10/13/2022
Warning: TheGreedyTrader.com presents weekly analysis. Technical indicators and trend parameters are calculated for the close of business day indicated on the top right corner of the screen.