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Select Sector SPDR ETFs Technical Analysis - XLI

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- 9/22/2023 -
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Industrial Select Sector SPDR (XLI) Technical Analysis

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Summary:
Weekly :
Daily :Relative Strength Index and Lane's Stochastic oversoldWilliams' Percentage Range is strongly oversold
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It was the negative week for the Industrial Select Sector SPDR (XLI). During the week, the XLI dropped -3.21 points, or -3.06%, and closed at 101.79 on Friday, September 22, 2023. It was the worst weekly loss since April 6, 2023. Weekly volume was -20% below average.

Long-term trend: [See XLI long-term trend chart]
A long-term uptrend had started on March 6, 2009 at 15.14 and reached 111.12 on August 1, 2023. XLI gained -95.98 points, or -633.95%, in 751 weeks. The chart has formed a Rising Channel chart pattern. The trend support level is at 88.74 and resistance is at 103.39. A Rising Channel represents price movement contained between parallel lower (support) and upper (resistance) trend lines. Trading Channeling stocks is one of the most reliable and accurate trading techniques that provide traders with precise entry and exit points as well as stop-losses and take-profit recommendations. Use the following link to access a Rising Channel chart pattern help, or use a Technical Stock Screener to see the list of stocks with Rising Channel pattern in a long-term trend.

Medium-term trend: [See XLI medium-term trend chart]
A medium-term uptrend had started on March 24, 2023 at 95.19 and reached 111.12 on August 1, 2023. XLI gained -15.93 points, or -16.73%, in 18 weeks. The chart has formed a Broadening Ascending Wedge chart pattern. The trend support level is at 98.83 and resistance is at 115.34. 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 medium-term trend.

Weekly Technical Indicators: [See XLI weekly technical indicators chart]
Weekly technical indicators are neutral.

The weekly MACD line is below its signal line since September 1, 2023. Use the following link to access a MACD help.

Short-term trend: [See XLI short-term trend chart]
A short-term downtrend had started on August 31, 2023 at 109.15 and reached 101.74 on September 22, 2023. XLI lost 7.41 points, or 6.79%, in 22 days. Price is near the trend low.

Daily Technical Indicators: [See XLI daily technical indicators chart]
Daily Relative Strength Index and Lane's Stochastic are oversold while Williams' Percentage Range is strongly oversold. Use the Technical Stock Screener to see the list of stocks with oversold daily Relative Strength Index and Lane's Stochastic or strongly oversold daily 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 links to access Lane's Stochastic, Relative Strength Index and Williams' Percentage Range help.

The daily MACD line is below its signal line since September 5, 2023. This is an indication that the short-term trend is down.

Daily Oscillators
Description Value Status Divergence Chart
Relative Strength Index (RSI) 11.61
Oversold
Williams' Percentage Range (W%R) 97.20
Strong Oversold
Lane's Stochastic (%D-Slow) 11.33
Oversold
Greed/Fear Indicator (GFI) 8.59
Strong Oversold
Moving Average Converg./Diverg. (MACD) -0.83
Weekly Oscillators
Description Value Status Divergence Chart
Relative Strength Index (RSI) 42.98
Williams' Percentage Range (W%R) 62.80
Lane's Stochastic (%D-Slow) 27.00
Greed/Fear Indicator (GFI) 36.40
Moving Average Converg./Diverg. (MACD) 2.22
Trading Signals
Description Value Chart
Monthly Trendline Resistance 115.34
Upper Bollinger Band 109.09
50 Day Moving Average 107.51
20 Day Moving Average 105.80
Parabolic System 104.23
Weekly Stochastic Crossing 103.97
Yearly Trendline Resistance 103.39
Daily Stochastic Crossing 102.11
Price 101.79
Lower Bollinger Band 101.40
Monthly Trendline Support 98.83
Yearly Trendline Support 88.74
Sector and Industry
Description Name Rank
Sector
Industry
Daily Trend
Description Value
Direction Down
Chart Pattern DownTrend
High 109.15
High Date 08/31/2023
Low 101.74
Low Date 09/22/2023
Weekly Trend
Monthly Trend
Description Value
Direction Down
Chart Pattern DownTrend
Status
Resistance
Support
High 111.12
High Date 08/01/2023
Low 101.74
Low Date 09/22/2023
Description Value
Direction Up
Chart Pattern Broadening Ascending Wedge
Status Valid
Resistance 115.34
Support 98.83
Low 95.19
Low Date 03/24/2023
High 111.12
High Date 08/01/2023
Quarterly Trend
Yearly Trend
Description Value
Direction Up
Chart Pattern Uptrend
Status
Resistance
Support
Low 82.75
Low Date 09/30/2022
High 111.12
High Date 08/01/2023
Description Value
Direction Up
Chart Pattern Rising Channel
Status Valid
Resistance 103.39
Support 88.74
Low 15.14
Low Date 03/06/2009
High 111.12
High Date 08/01/2023
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.