The S&P 500 SPDR ETF (SPY) - Get Report was positioned for a downgrade to negative last week but instead ended last week with a positive but overbought weekly chart. The warning is that a close this week below the key weekly moving average of $215.36 will shift the weekly chart too negative.

Today's focus will be on the Fibonacci retracements on the daily charts for the 11 S&P sector exchange-traded funds. Lets summarize the status of the weekly charts first.

The financial and technology sector ETFs have positive but overbought weekly charts with the financial sector close to a shift too negative. The financial sector has been revised and click here for the current components.

The sectors with neutral weekly charts are REITs, industrial, health care, utilities and transports.

The sectors with negative weekly charts are materials, consumer discretionary, consumer staples and energy.

Here's this week's scorecard for the 11 exchange-traded funds that represent each of the sectors of the S&P 500.

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The daily chart for the SPDR Dow Jones REIT ETF (RWR) - Get Report shows the Fibonacci retracements of the rally from the Feb. 11 low of $80.74 to the July 29 high of $104.34. The first wave lower held the 23.6% retracement of $98.74 and the subsequent high was $102.03 on Sept 7.

The ETF closed below its 50-day simple moving average of $101.14 on Sept. 8, then gapped lower on Sept. 9. The subsequent low of $94.76 set on Sept. 16 held the 38.2% retracement of $95.29 as a buying opportunity as REITs was becoming the eleventh S&P sector. The ETF rebounded and ended last week between its 23.6% retracement of $98.74 and its 50-day simple moving average of $100.38.

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Investors looking to buy the REIT ETF should do so on weakness to $71.49, which is a key level on technical charts until the end of 2016.

Investors looking to reduce holdings should consider selling strength to $99.55, which are key levels on technical charts until the end of September, which was doable last week. A pivot for the remainder of 2016 remains at $97.99.

The daily chart for the Materials Select Sector SPDR Fund (XLB) - Get Report shows the Fibonacci retracements of the rally from the Jan. 20 low of $36.29 to the Aug. 23 high of $49.57. The ETF gapped lower on Sept. 9 and has since then been below the 50-day simple moving average now of $48.45. The low of $46.55 set on Sept. 16 was above the 23.6% retracement of $46.43 setting the current neutral zone.

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Investors looking to buy the materials ETF should do so on weakness to $42.84, which is a key level on technical chart until the end of September. The $48.04 remains a pivot or magnet until the end of September.

Investors looking to reduce holdings should consider selling strength to $54.67, which is a key level on technical charts until the end of 2016.

The daily chart for the Industrial Select Sector SPDR Fund (XLI) - Get Report shows the Fibonacci retracements of the rally from the Jan. 20 low of $46.82 to the Aug. 23 high of $59.34. The ETF gapped lower on Sept. 9 and has since then been below the 50-day simple moving average now of $58.46. The low of $56.50 set on Sept. 16 was above the 23.6% retracement of $56.38 setting the current neutral zone.

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Investors looking to buy the industrial ETF should do so on weakness to $54.82 which is a key level on technical charts until the end of September.

Investors looking to reduce holdings should do so on strength to $58.30, which is a key level on technical charts until the end of September.

The daily chart for the Consumer Discretionary Select Sector SPDR Fund (XLY) - Get Report shows the Fibonacci retracements of the rally from the Feb. 11 low of $67.59 to the Aug. 15 high of $82.38. The ETF gapped lower on Sept. 9 and has since then been below the 50-day simple moving average now of $80.77. The low of $78.01 set on Sept. 12 was below the 23.6% retracement of $78.89 but held the 200-day simple moving average now of $78.00. The ETF is positioned between its 23.6% retracement of $78.89 and its 50-day SMA of $80.77.

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Investors looking to buy the consumer discretionary ETF should do so on weakness to $71.86, which is a key level on technical charts until the end of 2016. The $78.93 level should be a pivot or magnet until the end of September as it was last week.

Investors looking to reduce holdings should consider selling strength to $84.00, which is a key level on technical charts until the end of September.

The daily chart for the Consumer Staples Select Sector SPDR Fund (XLP) - Get Report shows the Fibonacci retracements of the rally from the Jan. 20 low of $47.39 to the July 14 high of $56.02. The ETF gapped lower on Sept. 9 moving below its 23.6% retracement of $53.98 and had last tested its 50-day simple moving average on Sept. 7 when this average was $54.90. The subsequent low of $52.48 was set on Sept. 16 was below the 38.2% retracement of $52.72 but held its 200-day simple moving average of $52.58. The ETF is positioned between its 38.2% retracement of $52.72 and its 23.6% retracement of $53.98.

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Investors looking to buy the consumer staples ETF should do so on weakness to $46.64, which is a key level on technical charts until the end of 2016.

Investors looking to reduce holdings should consider selling strength to $55.60 and $58.35, which are key levels on technical charts until the end of September and the end of 2016, respectively.

The daily chart for the Energy Select Sector SPDR Fund (XLE) - Get Report shows the Fibonacci retracements of the rally from the Jan. 20 low of $49.93 to the Sept. 8 high of $71.94. The ETF traded as low as $66.87 on Sept. 20 staying above its 23.6% retracement of $66.72.

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Investors looking to buy the energy ETF should do so on weakness to $54.40 which is a key level on technical charts until the end of August and until the end of 2016. The $69.39 level should be a magnet for September as it was last week.

Investors looking to reduce holdings should consider selling strength to $83.67 and $86.84, which are key levels on technical charts until the end of 2016.

The daily chart for the Financial Select Sector SPDR Fund (XLF) - Get Report shows the Fibonacci retracements of the rally from the Feb. 11 low of $15.86 to the Sept. 1 high of $20.01. The ETF traded as low as $19.12 on Sept. 16 staying above its 23.6% retracement of $19.03.

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Investors looking to buy the finance ETF should do so on weakness to $18.18, which is a key level on technical charts until the end of September. The $19.63 level should be a magnet through September.

Investors looking to reduce holdings should consider selling strength to $24.04 which is a key level on technical charts until the end of 2016.

The daily chart for the Health Care Select Sector SPDR Fund (XLV) - Get Report shows the Fibonacci retracements of the rally from the Feb. 9 low of $62.68 to the Aug. 1 high of $76.00. The ETF has been below its 50-day simple moving average since Aug. 25. The 23.6% retracement of $72.86 has been a magnet since Aug. 25 with a low of $71.09 set on Sept. 12 above its 38.2% retracement of $70.92. This ETF is between its 23.6% retracement of $72.86 and its 50-day simple moving average of $73.81.

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Investors looking to buy the health care ETF should do so on weakness to $68.87 which is a key level on technical charts until the end of September.

Investors looking to reduce holdings should consider selling strength to $78.87, which is a key level on technical charts until the end of September.

The daily chart for the Utilities Select Sector SPDR Fund (XLU) - Get Report shows the Fibonacci retracements of the rally from the Dec. 11 low of $41.50 to the July 6 high of $53.02. The ETF was below its 50-day simple moving average between Aug. 5 and Sept. 21 with a trade as low as $48.38 on Sept. 12. The 23.6% retracement of $50.30 has been a magnet between Aug. 15 and Sept. 21. The 38.2% retracement of $48.61 has provided buying opportunities between Sept. 9 and Sept. 16. Friday's close was back above its 50-day simple moving average of $50.57.

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Investors looking to buy the utilities ETF should consider buying weakness to $48.26, which is a key level on technical charts until the end of September. The key level of $50.05 will continue to be a magnet until the end of 2016.

Investors looking to reduce holdings should consider selling strength to $54.93, which is a key level on technical charts until the end of September.

The daily chart for the Technology Select Sector SPDR Fund (XLK) - Get Report shows the Fibonacci retracements of the rally from the Jan. 20 low of $38.03 to the Sept. 22 high of $47.96. The key chart supports are the 50-day simple moving average of $46.78 and the 23.6% retracement of $45.62.

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Investors looking to buy the technology ETF should do so on weakness to $45.54 and $45.32, which are key levels on technical charts until the end of September.

Investors looking to reduce holdings should consider selling strength to $48.13, which is a key level on technical charts until the end of 2016.

The daily chart for the Shares Transportation Average ETF (IYT) - Get Report shows the Fibonacci retracements of the rally from the Jan. 20 low of $114.91 to the April 20 high of $146.07. The 23.6% retracement of $138.72 has been a magnet since May 5. The 61.8% retracement of $126.82 was tested on June 27 as a significant post-Brexit vote buying opportunity with a low of $125.94. This ETF is now above its 50-day simple moving average of $141.61 and above its 23.6% retracement of $138.72.

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Investors looking to buy the transportation ETF should consider doing so on weakness to $136.24, which is a key level on technical charts until the end of 2016. The $140.23 and $142.30 levels are pivots or magnets until the end of September.

Investors looking to reduce holdings should wait until next week when new levels are available for October and the fourth quarter.

This article is commentary by an independent contributor. At the time of publication, the author held no positions in the stocks mentioned.