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Daily MACD Divergence:Bearish
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Moving Average Convergence Divergence (MACD)

Moving Average Convergence Divergence (MACD indicator) was developed by Gerald Appel, and it represents the relationship between two moving averages. MACD crossover with the signal line warns about the trend weakening. MACD dramatic rise represents an overbought/oversold condition and indicates the trend exhaustion. The MACD divergence between price and indicator is the one of the most popular buy/sell MACD signals.

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- 3/15/2024 -
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Technology Select Sector SPDR (XLK) Technical Analysis

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Summary:
Weekly :Williams' Percentage Range and Lane's Stochastic are overbought
Daily :The price has fallen below the Parabolic SARThe price has declined below the moving average in the center of the Bollinger Bands
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It was the negative week for the Technology Select Sector SPDR (XLK). During the week, the XLK gave back -1.75 points, or -0.84%, and closed at 205.60 on Friday, March 15, 2024. Weekly volume was 21% above 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 176.65 and resistance is at 228.71. 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 October 26, 2023 at 159.50 and reached 212.35 on March 8, 2024. XLK gained -52.85 points, or -33.13%, in 19 weeks. The chart has formed a Rising Channel chart pattern. The trend support level is at 202.24 and resistance is at 215.75. 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 medium-term trend.

Weekly Technical Indicators: [See XLK weekly technical indicators chart]
Weekly Williams' Percentage Range and Lane's Stochastic are overbought. Use the Technical Stock Screener to see the list of stocks with overbought weekly 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 weekly MACD line is above its signal line since November 17, 2023. This is an indication that the medium-term trend is up. 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 January 5, 2024 at 183.42 and reached 212.35 on March 8, 2024. XLK gained -28.93 points, or -15.77%, in 63 days. The chart has formed a Rising Wedge chart pattern. The trend support level is at 204.56 and resistance is at 213.43. 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 short-term trend.

Daily Technical Indicators: [See XLK daily technical indicators chart]
Daily technical indicators are neutral.

The daily MACD line is below its signal line since March 7, 2024. The distance between MACD and the signal line is low, but getting bigger.

During the last week, the price has fallen below the Parabolic SAR (stop and reversal). A Parabolic SAR above the price is a bearish signal, and it indicates that momentum is likely to remain in the downward 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 declined below 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.

Daily Oscillators
Description Value Status Divergence Chart
Relative Strength Index (RSI) 50.18
Williams' Percentage Range (W%R) 43.00
Lane's Stochastic (%D-Slow) 49.04
Greed/Fear Indicator (GFI) 52.07
Moving Average Converg./Diverg. (MACD) 2.17
Weekly Oscillators
Description Value Status Divergence Chart
Relative Strength Index (RSI) 66.77
Williams' Percentage Range (W%R) 12.40
Overbought
Lane's Stochastic (%D-Slow) 85.12
Overbought
Greed/Fear Indicator (GFI) 76.30
Moving Average Converg./Diverg. (MACD) 9.29
Trading Signals
Description Value Chart
Quarterly Trendline Resistance 228.71
Monthly Trendline Resistance 215.75
Weekly Trendline Resistance 213.43
Upper Bollinger Band 212.79
Parabolic System 210.71
Weekly Stochastic Crossing 209.90
Daily Stochastic Crossing 208.79
20 Day Moving Average 206.46
Price 205.60
Weekly Trendline Support 204.56
Monthly Trendline Support 202.24
50 Day Moving Average 201.76
Lower Bollinger Band 200.25
Quarterly Trendline Support 176.65
Sector and Industry
Description Name Rank
Sector
Industry
Daily Trend
Description Value
Direction Down
Chart Pattern DownTrend
High 212.35
High Date 03/08/2024
Low 204.79
Low Date 03/15/2024
Weekly Trend
Monthly Trend
Description Value
Direction Up
Chart Pattern Rising Wedge
Status Valid
Resistance 213.43
Support 204.56
Low 183.42
Low Date 01/05/2024
High 212.35
High Date 03/08/2024
Description Value
Direction Up
Chart Pattern Rising Channel
Status Valid
Resistance 215.75
Support 202.24
Low 159.50
Low Date 10/26/2023
High 212.35
High Date 03/08/2024
Quarterly Trend
Yearly Trend
Description Value
Direction Up
Chart Pattern Broadening Ascending Wedge
Status Valid
Resistance 228.71
Support 176.65
Low 112.97
Low Date 10/13/2022
High 212.35
High Date 03/08/2024
Description Value
Direction Up
Chart Pattern Uptrend
Status
Resistance
Support
Low 12.94
Low Date 11/21/2008
High 212.35
High Date 03/08/2024
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.