The Greedy Trader Weekly Analysis
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Uptrend Broken Support

Uptrend Broken Support stock alert presents a technical analysis stock market picking technique based on combination of technical indicators, stock trend analysis, trend following indicators and pattern recognition. Stock market alert is a warning signal. Uptrend Broken Support alert is a confirmation that long term uptrend reversal is completed and a new downtrend is establiched.

Unlike other alerts, broken resistance is not a buy/sell signal. It is rather warning signal that trend direction has changed. For entry point it is usually better to wait for pull back and retest of support trendline. This point is considered as a second chance to sell long position (or open short positions) in uptrend reversal.

Uptrend Broken Support

Archive
- 3/15/2024 -
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Consumer Discretionary Select Sector SPDR (XLY) Technical Analysis

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Summary:
Weekly :Broken trend support lineWilliams' Percentage Range is overbought
Daily :The price has declined below the moving average in the center of the Bollinger BandsPrice is close to the 50 Day Moving Average
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It was the negative week for the Consumer Discretionary Select Sector SPDR (XLY). During the week, the XLY dropped -2.26 points, or -1.25%, and closed at 178.05 on Friday, March 15, 2024. Weekly volume was -16% below average.

Long-term trend: [See XLY long-term trend chart]
A long-term uptrend had started on December 28, 2022 at 126.00 and reached 185.29 on March 1, 2024. XLY gained -59.29 points, or -47.06%, in 61 weeks. The price is now at the 12.21% retracement level.

Medium-term trend: [See XLY medium-term trend chart]
A medium-term uptrend had started on October 26, 2023 at 147.83 and reached 185.29 on March 1, 2024. XLY gained -37.46 points, or -25.34%, in 18 weeks. The chart has formed a Rising Wedge chart pattern. The uptrend support line (182.28) is broken. A broken support is considered to be a long-term bearish 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 support in a medium-term trend.

Weekly Technical Indicators: [See XLY weekly technical indicators chart]
Weekly Williams' Percentage Range is overbought. Use the Technical Stock Screener to see the list of stocks with overbought weekly Williams' Percentage Range. 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 link to access Williams' Percentage Range help.

The weekly MACD line is above its signal line since December 1, 2023. This is an indication that the medium-term trend is up. The distance between MACD and the signal line is low and getting smaller. It indicates that the current medium-term uptrend is getting weak. Use the following link to access a MACD help.

Short-term trend: [See XLY short-term trend chart]
A short-term downtrend had started on March 1, 2024 at 185.29 and reached 177.57 on March 15, 2024. XLY lost 7.72 points, or 4.17%, in 14 days. The price is now at the 6.22% retracement level.

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

The daily MACD line is below its signal line since March 5, 2024. This is an indication that the short-term trend is down.

During the last week, the price has declined below the moving average in the center of the Bollinger Bands. The Bollinger Bands are often used with a non-oscillator indicator like chart patterns or a trendline. The signals are considered more reliable if these indicators confirm the recommendation of the Bollinger Bands. Use the following links to access the Bollinger Bands Help, or use the Technical Stock Screener to see the list of stocks with the price above the Upper Bollinger Band or below the Lower Bollinger Band.

Price is close to the 50 Day Moving Average. The moving average crossover signals work better when the stock develops a strong trend, but they are ineffective when the stock is in a trading range. Moving average crossover systems can be effective, but should be used in conjunction with trend patterns, momentum indicators, candlesticks and other aspects of technical analysis. Use the following links to access Moving Average Crossover trading technique, or use the Technical Stock Screener to see the list of stocks with the Moving Average close to the price level.

Daily Oscillators
Description Value Status Divergence Chart
Relative Strength Index (RSI) 38.11
Williams' Percentage Range (W%R) 73.30
Lane's Stochastic (%D-Slow) 21.18
Greed/Fear Indicator (GFI) 28.65
Moving Average Converg./Diverg. (MACD) 1.13
Weekly Oscillators
Description Value Status Divergence Chart
Relative Strength Index (RSI) 56.00
Williams' Percentage Range (W%R) 17.80
Overbought
Lane's Stochastic (%D-Slow) 76.81
Greed/Fear Indicator (GFI) 69.31
Moving Average Converg./Diverg. (MACD) 4.31
Trading Signals
Description Value Chart
Monthly Trendline Resistance 185.94
Upper Bollinger Band 184.01
Parabolic System 182.81
Monthly Trendline Support 182.28
Weekly Stochastic Crossing 181.84
20 Day Moving Average 180.95
Daily Stochastic Crossing 178.64
Price 178.05
50 Day Moving Average 177.41
Lower Bollinger Band 176.19
Sector and Industry
Description Name Rank
Sector
Industry
Daily Trend
Description Value
Direction Down
Chart Pattern DownTrend
High 185.29
High Date 03/01/2024
Low 177.57
Low Date 03/15/2024
Weekly Trend
Monthly Trend
Description Value
Direction Up
Chart Pattern Uptrend
Status
Resistance
Support
Low 169.72
Low Date 01/25/2024
High 185.29
High Date 03/01/2024
Description Value
Direction Up
Chart Pattern Rising Wedge
Status Broken Support
Resistance 185.94
Support 182.28
Low 147.83
Low Date 10/26/2023
High 185.29
High Date 03/01/2024
Quarterly Trend
Yearly Trend
Description Value
Direction Up
Chart Pattern Uptrend
Status
Resistance
Support
Low 126.00
Low Date 12/28/2022
High 185.29
High Date 03/01/2024
Description Value
Direction Down
Chart Pattern DownTrend
Status
Resistance
Support
High 215.06
High Date 11/22/2021
Low 126.00
Low Date 12/28/2022
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.