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Downtrend Broken Resist.Archive
- 7/19/2024 -
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Technology Select Sector SPDR (XLK) Technical Analysis
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| Summary:
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| | It was the negative week for the Technology Select Sector SPDR (XLK). During the week, the XLK dropped -12.80 points, or -5.48%, and closed at 220.87 on Friday, July 19, 2024. It was the worst weekly loss since April 19, 2024. Weekly volume was -24% 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 Rising Channel chart pattern. The trend support level is at 196.86 and resistance is at 226.26. 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 long-term trend.
 Medium-term trend: [See XLK medium-term trend chart]
A medium-term uptrend had started on April 19, 2024 at 192.04 and reached 238.14 on July 11, 2024. XLK gained -46.10 points, or -24.01%, in 11 weeks. Price is near the Fibonacci 38.2% retracement level. The Fibonacci retracement level is considered a support/resistance level.
 Weekly Technical Indicators: [See XLK weekly technical indicators chart]
Weekly Lane's Stochastic is overbought. Use the Technical Stock Screener to see the list of stocks with overbought weekly 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 link to access Lane's Stochastic help.
The weekly MACD line is above its signal line since June 7, 2024. 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 downtrend had started on July 11, 2024 at 238.14 and reached 220.38 on July 19, 2024. XLK lost 17.76 points, or 7.46%, in 8 days. Price is near the trend low.
 Daily Technical Indicators: [See XLK 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. During the last week, daily Lane's Stochastic signal line (%D) has moved below overbought area. Such crossover is considered a bearish signal. Use the following link to access Williams' Percentage Range help.
The daily MACD line is below its signal line since July 11, 2024. This is an indication that the short-term trend is down. The distance between MACD and the signal line is relatively high and getting bigger. It indicates that the current short-term downtrend is strong.
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.
During the last week, the price has crossed below the 50 Day Moving Average. While the medium-term trend is up and daily technical indicators are oversold, the 50 Day Moving Average is considered a support level. The moving average crossover signals work better when the stock develops a strong trend, but they are ineffective when the stock is in a trading range. Moving average crossover systems can be effective, but should be used in conjunction with trend patterns, momentum indicators, candlesticks and other aspects of technical analysis. Use the following links to access Moving Average Crossover trading technique, or use the Technical Stock Screener to see the list of stocks with the Moving Average close to the price level.
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