The Greedy Trader Weekly Analysis
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- 3/15/2024 -
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Health Care Select Sector SPDR (XLV) Technical Analysis

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Summary:
Weekly :Relative Strength Index, Williams' Percentage Range and Lane's Stochastic are overboughtBroken trend support line
Daily :Williams' Percentage Range is oversoldThe price has risen above the Parabolic SARPrice is near the Fibonacci 23.6% retracement levelThe price has declined below the moving average in the center of the Bollinger BandsThe Bollinger Bands are historically close together
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It was the negative week for the Health Care Select Sector SPDR (XLV). During the week, the XLV gave back -1.07 points, or -0.73%, and closed at 145.36 on Friday, March 15, 2024. Weekly volume was -7% below average.

Long-term trend: [See XLV long-term trend chart]
A long-term uptrend had started on June 16, 2022 at 118.75 and reached 148.27 on February 23, 2024. XLV gained -29.52 points, or -24.86%, in 88 weeks. The price is now at the 9.86% retracement level.

Medium-term trend: [See XLV medium-term trend chart]
A medium-term uptrend had started on October 27, 2023 at 122.59 and reached 148.27 on February 23, 2024. XLV gained -25.68 points, or -20.95%, in 17 weeks. The chart has formed a Rising Channel chart pattern. The uptrend support line (149.23) is broken. Usually a broken support is considered to be a long-term bearish signal, but since daily indicators are oversold a short-term pull back is possible. XLV may retest the broken support line. It is considered to be a resistance 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 support in a medium-term trend.

Weekly Technical Indicators: [See XLV weekly technical indicators chart]
Weekly Relative Strength Index, Williams' Percentage Range and Lane's Stochastic are overbought. Use the Technical Stock Screener to see the list of stocks with overbought weekly Relative Strength Index, 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, Relative Strength Index and Williams' Percentage Range help.

The weekly MACD line is above its signal line since December 1, 2023. This is an indication that the medium-term trend is up. The distance between MACD and the signal line is relatively high, but getting smaller. It indicates that the current medium-term uptrend is still strong, and momentum is beginning to wane. Use the following link to access a MACD help.

Short-term trend: [See XLV short-term trend chart]
A short-term downtrend had started on February 23, 2024 at 148.27 and reached 144.51 on March 1, 2024. XLV lost 3.76 points, or 2.54%, in 7 days. Price is near the Fibonacci 23.6% retracement level. The Fibonacci retracement level is considered a support/resistance level.

Daily Technical Indicators: [See XLV daily technical indicators chart]
Daily Williams' Percentage Range is oversold. Use the Technical Stock Screener to see the list of stocks with daily oversold Williams' Percentage Range.

The daily MACD line is below its signal line since February 27, 2024. This is an indication that the short-term trend is down.

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 declined below the moving average in the center of the Bollinger Bands. The distance between the Bollinger Bands (2.15%) is close to one year low (2.57%). It is 56.54% lower than one year average. It indicates the period of low volatility of the stock price, and it is considered a buy signal for the option traders. 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) 40.82
Williams' Percentage Range (W%R) 80.60
Oversold
Lane's Stochastic (%D-Slow) 57.12
Greed/Fear Indicator (GFI) 39.10
Moving Average Converg./Diverg. (MACD) 1.18
Weekly Oscillators
Description Value Status Divergence Chart
Relative Strength Index (RSI) 81.69
Overbought
Williams' Percentage Range (W%R) 12.70
Overbought
Lane's Stochastic (%D-Slow) 86.88
Overbought
Greed/Fear Indicator (GFI) 79.51
Moving Average Converg./Diverg. (MACD) 2.83
Trading Signals
Description Value Chart
Monthly Trendline Resistance 155.30
Monthly Trendline Support 149.23
Upper Bollinger Band 147.11
Weekly Stochastic Crossing 146.67
Daily Stochastic Crossing 146.41
20 Day Moving Average 146.18
Price 145.36
Parabolic System 144.75
Lower Bollinger Band 144.01
50 Day Moving Average 143.20
Sector and Industry
Description Name Rank
Sector
Industry
Daily Trend
Description Value
Direction Up
Chart Pattern Broadening Right-Angled, Ascending Wedge
Low 144.51
Low Date 03/01/2024
High 147.70
High Date 03/13/2024
Weekly Trend
Monthly Trend
Description Value
Direction Down
Chart Pattern DownTrend
Status
Resistance
Support
High 148.27
High Date 02/23/2024
Low 144.51
Low Date 03/01/2024
Description Value
Direction Up
Chart Pattern Rising Channel
Status Broken Support
Resistance 155.30
Support 149.23
Low 122.59
Low Date 10/27/2023
High 148.27
High Date 02/23/2024
Quarterly Trend
Yearly Trend
Description Value
Direction Up
Chart Pattern Uptrend
Status
Resistance
Support
Low 118.75
Low Date 06/16/2022
High 148.27
High Date 02/23/2024
Description Value
Direction Up
Chart Pattern Uptrend
Status
Resistance
Support
Low 21.63
Low Date 03/06/2009
High 148.27
High Date 02/23/2024
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.