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Uptrend SupportArchive
- 5/10/2024 -
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Consumer Discretionary Select Sector SPDR (XLY) Technical Analysis
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| Summary:
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| | It was a third positive week after 3 consecutive negative weeks for the Consumer Discretionary Select Sector SPDR (XLY). During the week, the XLY climbed 0.19 points, or 0.11%, and closed at 178.10 on Friday, May 10, 2024. Weekly volume was -42% 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 chart has formed a Rising Wedge chart pattern. The trend support level is at 161.73 and resistance is at 187.23. 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 (196.28) 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 technical indicators are neutral.
The weekly MACD line is below its signal line since April 5, 2024. 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 168.90 on April 22, 2024. XLY lost 16.39 points, or 8.85%, in 52 days. The chart has formed a Broadening Right-Angled, Descending Wedge chart pattern. The trend support level is at 164.04 and resistance is at 185.05. A Broadening Descending Wedge pattern is considered to be a reversal formation. It usually appears in a mature trend, characterized by overbought/oversold long-term and short-term indicators, and often generates divergence on long-term indicators. Use the following link to access a Broadening Right-Angled, Descending Wedge chart pattern help, or use a Technical Stock Screener to see the list of stocks with Broadening Right-Angled, Descending Wedge pattern in a short-term trend.
 Daily Technical Indicators: [See XLY daily technical indicators chart]
Daily Williams' Percentage Range is strongly overbought. Use the Technical Stock Screener to see the list of stocks with strongly overbought daily overbought 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 daily MACD line is above its signal line since April 26, 2024.
Price is close to the 50 Day Moving Average. While daily technical indicators are overbought, the 50 Day Moving Average is considered a resistance level. 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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