The Greedy Trader Weekly Analysis
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Downtrend Broken Resistance

Downtrend Broken Resistance stock alert presents a technical analysis stock market picking technique based on combination of technical indicators, stock trend analysis, trend following indicators and pattern recognition. Downtrend broken resistance stock market alert is a trend trading warning signal. It is a confirmation that long term downtrend reversal is completed and a new uptrend is establiched.

Unlike other alerts, broken resistance is not a buy/sell signal. It is rather warning signal that trend direction has changed. For entry point it is usually better to wait for pull back and retest of resistance line. This point is considered as a second chance to participate in downtrend reversal.

Downtrend Broken Resist.

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- 2/16/2024 -
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Financial Select Sector SPDR (XLF) Technical Analysis

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Summary:
Weekly :Broken uptrend resistance line - uptrend exhaustionRelative Strength Index, Williams' Percentage Range and Lane's Stochastic are strongly overboughtLane's Stochastic and MACD bearish divergenceBroken trend resistance line
Daily :Williams' Percentage Range is strongly overboughtLane's Stochastic bearish divergenceDaily  MACD line has moved above its signal lineThe price has risen above the Parabolic SARThe price touches the upper Bollinger Band
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It was a fifth consecutive positive week for the Financial Select Sector SPDR (XLF). During the week, the XLF gained 0.55 points, or 1.41%, and closed at 39.63 on Friday, February 16, 2024. Weekly volume was 13% above average.

Long-term trend: [See XLF long-term trend chart]
A long-term downtrend had started on January 13, 2022 at 41.70 and reached 29.59 on October 13, 2022. XLF lost 12.11 points, or 29.04%, in 39 weeks. The chart has formed a Symmetric Triangle chart pattern. The downtrend resistance line (32.02) 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. XLF 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 XLF medium-term trend chart]
A medium-term uptrend had started on October 13, 2022 at 29.59 and reached 39.85 on February 15, 2024. XLF gained -10.26 points, or -34.67%, in 70 weeks. The chart has formed a Symmetric Triangle chart pattern. The uptrend resistance line (31.88) 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 XLF weekly technical indicators chart]
Weekly Relative Strength Index, Williams' Percentage Range and Lane's Stochastic are strongly overbought. Use the Technical Stock Screener to see the list of stocks with strongly overbought weekly overbought Relative Strength Index, Williams' Percentage Range and Lane's Stochastic. Weekly Lane's Stochastic and MACD have bearish divergence. Use the following links to access the Lane's Stochastic and MACD help, or use the Technical Stock Screener to see the list of stocks with weekly Lane's Stochastic and 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, Relative Strength Index 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. 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 XLF short-term trend chart]
A short-term uptrend had started on January 18, 2024 at 36.95 and reached 39.85 on February 15, 2024. XLF gained -2.90 points, or -7.85%, in 28 days. The price is now at the 7.59% retracement level.

Daily Technical Indicators: [See XLF 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. 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.

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.

Daily Oscillators
Description Value Status Divergence Chart
Relative Strength Index (RSI) 61.17
Williams' Percentage Range (W%R) 6.50
Strong Overbought
Lane's Stochastic (%D-Slow) 74.24
Bearish
Greed/Fear Indicator (GFI) 76.29
Moving Average Converg./Diverg. (MACD) 0.46
Weekly Oscillators
Description Value Status Divergence Chart
Relative Strength Index (RSI) 97.04
Strong Overbought
Williams' Percentage Range (W%R) 1.40
Strong Overbought
Lane's Stochastic (%D-Slow) 90.80
Strong Overbought Bearish
Greed/Fear Indicator (GFI) 85.58
Overbought
Moving Average Converg./Diverg. (MACD) 0.96 Bearish
Trading Signals
Description Value Chart
Upper Bollinger Band 39.64
Price 39.63
Weekly Stochastic Crossing 39.60
Daily Stochastic Crossing 39.45
20 Day Moving Average 38.88
Parabolic System 38.41
Lower Bollinger Band 37.97
50 Day Moving Average 37.93
Quarterly Trendline Resistance 33.94
Yearly Trendline Resistance 32.67
Yearly Trendline Support 32.02
Quarterly Trendline Support 31.88
Sector and Industry
Description Name Rank
Sector
Industry
Daily Trend
Description Value
Direction Up
Chart Pattern Uptrend
Low 36.95
Low Date 01/18/2024
High 39.85
High Date 02/15/2024
Weekly Trend
Monthly Trend
Description Value
Direction Up
Chart Pattern Uptrend
Status
Resistance
Support
Low 31.35
Low Date 10/27/2023
High 39.85
High Date 02/15/2024
Description Value
Direction Up
Chart Pattern Uptrend
Status
Resistance
Support
Low 30.39
Low Date 03/24/2023
High 39.85
High Date 02/15/2024
Quarterly Trend
Yearly Trend
Description Value
Direction Up
Chart Pattern Symmetric Triangle
Status Broken Resistance
Resistance 33.94
Support 31.88
Low 29.59
Low Date 10/13/2022
High 39.85
High Date 02/15/2024
Description Value
Direction Down
Chart Pattern Symmetric Triangle
Status Broken Resistance
Resistance 32.67
Support 32.02
High 41.70
High Date 01/13/2022
Low 29.59
Low Date 10/13/2022
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.