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Uptrend ExhaustionArchive
- 5/10/2024 -
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Technology Select Sector SPDR (XLK) Technical Analysis
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| Summary:
| | | Weekly : | | Daily :
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| | It was a third positive week after 4 consecutive negative weeks for the Technology Select Sector SPDR (XLK). During the week, the XLK gained 2.99 points, or 1.48%, and closed at 205.54 on Friday, May 10, 2024. Weekly volume was -34% below average.
 Long-term trend: [See XLK long-term trend chart]
A long-term uptrend had started on October 13, 2022 at 112.97 and reached 212.35 on March 8, 2024. XLK gained -99.38 points, or -87.97%, in 73 weeks. The chart has formed a Broadening Ascending Wedge chart pattern. The trend support level is at 183.76 and resistance is at 225.00. A Broadening Ascending 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 Ascending Wedge chart pattern help, or use a Technical Stock Screener to see the list of stocks with Broadening Ascending Wedge pattern in a long-term trend.
 Medium-term trend: [See XLK medium-term trend chart]
A medium-term downtrend had started on March 8, 2024 at 212.35 and reached 192.04 on April 19, 2024. XLK lost 20.31 points, or 9.56%, in 6 weeks. The chart has formed a Broadening Descending Wedge chart pattern. The trend support level is at 183.71 and resistance is at 210.30. Use the following link to access a Broadening Descending Wedge chart pattern help, or use a Technical Stock Screener to see the list of stocks with Broadening Descending Wedge pattern in a medium-term trend.
 Weekly Technical Indicators: [See XLK weekly technical indicators chart]
Weekly technical indicators are neutral.
The weekly MACD line is below its signal line since April 5, 2024. This is an indication that the medium-term trend is down. The distance between MACD and the signal line is relatively high, but getting smaller. It indicates that the current medium-term downtrend is still strong, and momentum is beginning to wane. Use the following link to access a MACD help.
 Short-term trend: [See XLK short-term trend chart]
A short-term uptrend had started on April 19, 2024 at 192.04 and reached 206.77 on May 10, 2024. XLK gained -14.73 points, or -7.67%, in 21 days. The price is now at the 8.35% retracement level.
 Daily Technical Indicators: [See XLK daily technical indicators chart]
Daily Williams' Percentage Range and Lane's Stochastic are strongly overbought. Use the Technical Stock Screener to see the list of stocks with strongly overbought daily overbought Williams' Percentage Range and 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 above its signal line since May 2, 2024. This is an indication that the short-term trend is up. The distance between MACD and the signal line is relatively high and getting bigger. It indicates that the current short-term uptrend is strong.
During the last week, the price has advanced above the 50 Day Moving Average. While the medium-term trend is down and 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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