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Uptrend ExhaustionArchive
- 4/26/2024 -
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Consumer Discretionary Select Sector SPDR (XLY) Technical Analysis
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| Summary:
| | Weekly : | | Daily : 
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| | It was a first positive week after 3 consecutive negative weeks for the Consumer Discretionary Select Sector SPDR (XLY). During the week, the XLY gained 6.15 points, or 3.62%, and closed at 175.91 on Friday, April 26, 2024. Weekly volume was -13% below average.
 Long-term trend: [See XLY long-term trend chart]
A long-term uptrend had started on December 28, 2022 at 126.00 and reached 185.29 on March 1, 2024. XLY gained -59.29 points, or -47.06%, in 61 weeks. The chart has formed a Rising Wedge chart pattern. The trend support level is at 160.75 and resistance is at 186.76. 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 long-term trend.
 Medium-term trend: [See XLY medium-term trend chart]
A medium-term uptrend had started on October 26, 2023 at 147.83 and reached 185.29 on March 1, 2024. XLY gained -37.46 points, or -25.34%, in 18 weeks. The chart has formed a Rising Wedge chart pattern. The uptrend support line (192.69) is broken. A broken support is considered to be a long-term bearish signal. 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 XLY weekly technical indicators chart]
Weekly technical indicators are neutral.
The weekly MACD line is below its signal line since April 5, 2024. Use the following link to access a MACD help.
 Short-term trend: [See XLY short-term trend chart]
A short-term downtrend had started on March 1, 2024 at 185.29 and reached 168.90 on April 22, 2024. XLY lost 16.39 points, or 8.85%, in 52 days. The chart has formed a Broadening Right-Angled, Descending Wedge chart pattern. The trend support level is at 167.51 and resistance is at 185.10. A Broadening Descending 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 Right-Angled, Descending Wedge chart pattern help, or use a Technical Stock Screener to see the list of stocks with Broadening Right-Angled, Descending Wedge pattern in a short-term trend.
Daily Technical Indicators: [See XLY daily technical indicators chart]
Daily technical indicators are neutral. During the last week, daily Lane's Stochastic main line (%K) has rallied above the oversold signal line (%D). Such crossover is considered a bullish 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 link to access Lane's Stochastic help.
The daily MACD line is below its signal line since April 1, 2024. This is an indication that the short-term trend is down. The distance between MACD and the signal line is low and getting smaller. It indicates that the current short-term downtrend is getting weak.
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 moved above 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.
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