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Archive
- 4/19/2024 -
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Consumer Discretionary Select Sector SPDR (XLY) Technical Analysis
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| Summary:
| | Weekly : | | Daily : 
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| | It was the negative week for the Consumer Discretionary Select Sector SPDR (XLY). During the week, the XLY dropped -7.35 points, or -4.15%, and closed at 169.76 on Friday, April 19, 2024. Weekly volume was 21% above 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 chart has formed a Rising Wedge chart pattern. The trend support level is at 160.26 and resistance is at 186.53. A Rising Wage is a triangle formation with a noticeable slant to the upside. It represents the loss of an upside momentum on each successive high and has a bearish bias. The Rising wedge usually marks a reversal in an uptrend. In a downtrend a rising wedge is considered to be a continuation pattern. Use the following link to access a Rising Wedge chart pattern help, or use a Technical Stock Screener to see the list of stocks with Rising Wedge pattern in a long-term trend.
 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 (190.89) is broken. Usually a broken support is considered to be a long-term bearish signal, but since daily indicators are oversold a short-term pull back is possible. XLY may retest the broken support line. It is considered to be a resistance line now. 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 technical indicators are neutral.
The weekly MACD line is below its signal line since April 5, 2024. The distance between MACD and the signal line is low, but getting bigger. 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 21, 2024 at 185.22 and reached 169.09 on April 19, 2024. XLY lost 16.13 points, or 8.71%, in 29 days. The chart has formed a Broadening Descending Wedge chart pattern.
 Daily Technical Indicators: [See XLY daily technical indicators chart]
Daily Williams' Percentage Range is oversold while Lane's Stochastic is strongly oversold. Use the Technical Stock Screener to see the list of stocks with oversold daily Williams' Percentage Range or strongly oversold daily Lane's Stochastic. 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 and Williams' Percentage Range help.
The daily MACD line is below its signal line since April 1, 2024. This is an indication that the short-term trend is down. The distance between MACD and the signal line is relatively high and getting bigger. It indicates that the current short-term downtrend is strong.
During the last week, the 20 Day Moving Average has crossed below the 50 Day Moving Average. Such crossover is considered a bearish signal. 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.
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