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Downtrend ResistanceArchive
- 4/19/2024 -
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Consumer Staples Select Sector SPDR (XLP) Technical Analysis
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| Summary:
| | Weekly :  | | Daily :
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| | It was a first positive week for the Consumer Staples Select Sector SPDR (XLP). During the week, the XLP gained 1.06 points, or 1.44%, and closed at 74.44 on Friday, April 19, 2024. It was the best weekly gain since February 23, 2024. Weekly volume was 9% above average.
 Long-term trend: [See XLP long-term trend chart]
A long-term downtrend had started on April 21, 2022 at 81.34 and reached 65.18 on October 6, 2023. XLP lost 16.16 points, or 19.87%, in 76 weeks. The chart has formed a Falling Wedge chart pattern. The price is near the trend resistance line (74.48). The resistance is usually stronger when technical indicators are overbought. Use the following links to access Trend Support/Resistance Help, or use the Technical Stock Screener to see the list of stocks with price testing the trend resistance line in a long-term trend.
 Medium-term trend: [See XLP medium-term trend chart]
A medium-term uptrend had started on October 6, 2023 at 65.18 and reached 76.61 on March 28, 2024. XLP gained -11.43 points, or -17.54%, in 24 weeks. The chart has formed a Rising Wedge chart pattern. The uptrend support line (77.29) 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 XLP weekly technical indicators chart]
Weekly technical indicators are neutral.
The weekly MACD line is above its signal line since November 24, 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 XLP short-term trend chart]
A short-term downtrend had started on March 28, 2024 at 76.61 and reached 72.93 on April 16, 2024. XLP lost 3.68 points, or 4.80%, in 19 days. The chart has formed a Falling Channel chart pattern. The downtrend resistance line (72.29) 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 short-term trend.
Daily Technical Indicators: [See XLP daily technical indicators chart]
Daily technical indicators are neutral. During the last week, daily Lane's Stochastic main line (%K) has rallied above the oversold signal line (%D). Such crossover is considered a bullish 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 link to access Lane's Stochastic help.
The daily MACD line is below its signal line since March 15, 2024. This is an indication that the short-term trend is down. The distance between MACD and the signal line is low and getting smaller. It indicates that the current short-term downtrend is getting weak.
During the last week, the price has risen above the Parabolic SAR (stop and reversal). A Parabolic SAR below the price is a bullish signal, and it indicates that momentum is likely to remain in the upward 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.
During the last week, the price has moved above 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.
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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