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Archive
- 11/8/2024 -
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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 first positive week for the Technology Select Sector SPDR (XLK). During the week, the XLK gained 13.30 points, or 5.94%, and closed at 237.20 on Friday, November 8, 2024. It was the best weekly gain since September 13, 2024. Weekly volume was -31% 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 238.14 on July 11, 2024. XLK gained -125.17 points, or -110.80%, in 91 weeks. The chart has formed a Broadening Ascending Wedge chart pattern. The trend support level is at 203.16 and resistance is at 257.72. 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 uptrend had started on August 5, 2024 at 190.74 and reached 237.90 on November 8, 2024. XLK gained -47.16 points, or -24.72%, in 13 weeks. The chart has formed a Rising Wedge chart pattern. The price is near the trend resistance line (238.07). 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 medium-term trend.
 Weekly Technical Indicators: [See XLK weekly technical indicators chart]
Weekly Lane's Stochastic is overbought while Williams' Percentage Range is strongly overbought. Use the Technical Stock Screener to see the list of stocks with overbought weekly Lane's Stochastic or strongly overbought weekly 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 and Williams' Percentage Range help.
The weekly MACD line is above its signal line since October 11, 2024. This is an indication that the medium-term trend is up. The distance between MACD and the signal line is low, but getting bigger. It indicates that the current medium-term uptrend is getting stronger. 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 October 31, 2024 at 222.20 and reached 237.90 on November 8, 2024. XLK gained -15.70 points, or -7.07%, in 8 days. Price is near the trend high.
 Daily Technical Indicators: [See XLK 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.
During the last week, daily MACD line has moved above its signal line. Such crossover is considered a bullish signal.
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.
The price touches the upper Bollinger Band. 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.
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