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Technology Select Sector SPDR (XLK) |
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| Summary:
| | Weekly :  | | Daily :
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| | It was a second consecutive positive week for the Technology Select Sector SPDR (XLK). During the week, the XLK gained 7.30 points, or 4.64%, and closed at 164.78 on Friday, May 26, 2023. It was the best weekly gain since March 17, 2023. XLK was trading at average weekly trading volume.
 Long-term trend: [See XLK long-term trend chart]
A long-term downtrend had started on December 28, 2021 at 177.04 and reached 112.97 on October 13, 2022. XLK lost 64.07 points, or 36.19%, in 41 weeks. The chart has formed a Falling Wedge chart pattern. The downtrend resistance line (95.03) is broken. Usually a broken resistance is considered to be a long-term bullish signal, but since daily indicators are overbought a short-term pull back is possible. XLK may retest the broken resistance line. It is considered to be a support line now. 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 long-term trend.
 Medium-term trend: [See XLK medium-term trend chart]
A medium-term uptrend had started on October 13, 2022 at 112.97 and reached 165.07 on May 26, 2023. XLK gained -52.10 points, or -46.12%, in 32 weeks. The chart has formed a Rising Wedge chart pattern. The uptrend resistance line (150.90) is broken, while daily and weekly technical indicators are overbought. Uptrend is exhausted and trend reversal is possible soon. 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 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. Weekly MACD has bearish divergence. Use the following links to access the MACD help, or use the Technical Stock Screener to see the list of stocks with weekly MACD bearish divergence. The divergence between price and indicator is considering one of the most important buy/sell stocks trading 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 links to access Lane's Stochastic and Williams' Percentage Range help.
The weekly MACD line is above its signal line since November 11, 2022. 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 6, 2023 at 120.81 and reached 165.07 on May 26, 2023. XLK gained -44.26 points, or -36.64%, in 140 days. The chart has formed a Rising Wedge chart pattern. The uptrend resistance line (150.90) is broken, while daily and weekly technical indicators are overbought. Uptrend is exhausted and trend reversal is possible soon. 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 XLK daily technical indicators chart]
Daily Lane's Stochastic is overbought. Use the Technical Stock Screener to see the list of stocks with overbought daily Lane's Stochastic. Daily Lane's Stochastic has bearish divergence. Use the following links to access the Lane's Stochastic help, or use the Technical Stock Screener to see the list of stocks with daily Lane's Stochastic bearish divergence.
The daily MACD line is above its signal line since May 9, 2023. 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.
The price has closed on Friday above the upper Bollinger Band. It is considered a bullish signal. 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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