January's Select SPDR ETF Sector Review
A look back on January's Select SPDR ETF Sectors performance through technical analysis.
See December's Select SPDR ETF Sector Review for the New Year HERE!
Performance results; January 9, 2013- February 1, 2013.
Consumer Discretionary (XLY)
XLY made a significant breakout over $48 in our last analysis, and is up 3.85% in the month of January. Since then price has continued upwards to find new resistance at $51. $48 should act as new support.
Consumer Staples (XLP)
XLP is up 4.56% in January, and has broken out over the $36 resistance, which should act as new support going forward.
Energy has been the best performer in January, up 7.15%. Since our last analysis XLE has risen $6 from $72.27 to $78, breaking through the $76 resistance. Next resistance is at $79.
Financials have continued their uptrend rising 3.88% in January. Negative divergence has failed and price should continue its upward momentum. Support at $16.
Health Care (XLV)
The Health Care sector has continued to be a leader, posting the 3rd highest percentage gain during January up 4.24%. Support at $41. Price has entered into overbought territory on the RSI above 70.
Industrials have seen a 3.66% gain in January, after breaking out of the ascending triangle formation noted in our past analysis. $39 was brief resistance during the month and may act as support in the future.
Materials have broken out yet again over the $39.50 resistance, which has now turned support. XLB is up only a small percentage, 1.54% during January.
The Technology sector has been the worst performer over the month of January up only 1.12%. The threat of a Head & Shoulders reversal pattern is still in place with neckline support at $27, and resistance at $30. A break above $30 will negate the H&S pattern.
XLU has broken the descending triangle pattern pushing prices higher to test the July 2012 highs of $37.50. The utility sector has been the 4th best performer over January up 4.17%.
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