The S&P 500 SPDR ETF (SPY) - Get SPDR S&P 500 ETF Trust Report , which tracks the S&P 500, continues to have a negative weekly chart. This benchmark exchange-traded fund, known as Spiders, ended last week below its key weekly moving average of $214.78 with weekly momentum declining to 49.42 down from 58.59 on Oct. 14.

The technology and transportation sector ETFs still have positive but overbought weekly charts, but are less overbought and face potential technical downgrades this week.

The energy sector still has a positive weekly chart, but negative reactions to earnings from Chevron (CVX) - Get Chevron Corporation Report and Exxon Mobil (XOM) - Get Exxon Mobil Corporation Report on Friday could change this landscape.

The financial sector has a neutral weekly chart. Most analysts say that bank stocks should begin to lead as the Federal Reserve raises the federal funds rate, but data from the FDIC questions this notion.

Today's focus will be on weekly charts for the 11 S&P sector exchange-traded funds.

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 weekly chart for the SPDR Dow Jones REIT ETF (RWR) - Get SPDR Dow Jones REIT ETF Report is negative with the ETF below its key weekly moving average of $95.87 and above its 200-week simple moving average of $85.31. The weekly momentum reading declined to 24.69 last week down from 30.24 on Oct. 14.

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Investors looking to buy the REIT ETF should do so on weakness to $85.31, which is the 200-week simple moving average. Investors looking to reduce holdings should consider selling strength to $101.16, which is a key level on technical charts until the end of 2016.

The weekly chart for the Materials Select Sector SPDR Fund (XLB) - Get Materials Select Sector SPDR Fund Report remains negative with the ETF below its key weekly moving average of $47.31 and above its 200-week simple moving average of $45.41, last tested during the week of July 1, when the average was $44.51. The weekly momentum reading declined to 35.93 last week down from 42.80 on Oct. 14.

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Investors looking to buy the materials ETF should do so on weakness to $42.80, which is a key level on technical chart until the end of 2016. Investors looking to reduce holdings should consider selling strength to $53.66, which is a key level on technical charts until the end of 2016.

The weekly chart for the Industrial Select Sector SPDR Fund (XLI) - Get Industrial Select Sector SPDR Fund Report is negative with the ETF below its key weekly moving average of $57.54 and above its 200-week simple moving average of $51.74. The weekly momentum reading declined to 48.17 last week down from 58.41 on Oct. 14.

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Investors looking to buy the industrial ETF should do so on weakness to $55.47, which is the 200-day simple moving average. Investors looking to reduce holdings should do so on strength to $63.14, which is a key level on technical chart until the end of October. The $57.42 level should be a magnet until the end of 2016.

The weekly chart for the Consumer Discretionary Select Sector SPDR Fund (XLY) - Get Consumer Discretionary Select Sector SPDR Fund Report is negative with the ETF below its key weekly moving average of $79.68 and well above its 200-week simple moving average of $69.17. The weekly momentum reading declined to 42.67 last week down from 48.02 on Oct. 14.

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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. Investors looking to reduce holdings should consider selling strength to $84.18, which is a key level on technical charts until the end of October.

The weekly chart for the Consumer Staples Select Sector SPDR Fund (XLP) - Get Consumer Staples Select Sector SPDR Fund Report has become negative but oversold with the ETF below its key weekly moving average of $53.03 and well above its 200-week simple moving average of $46.35. The weekly momentum reading declined to 18.61 this week down from 22.02 on Oct. 14, moving below the oversold threshold of 20.00.

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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 $55.82, which is a key level on technical charts until the end of October.

The weekly chart for the Energy Select Sector SPDR Fund (XLE) - Get Energy Select Sector SPDR Fund Report is positive with the ETF above its key weekly moving average of $69.48 and well below its 200-week simple moving average of $77.78. The weekly momentum reading rose to 71.07 up from 68.55 on Oct. 14.

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Investors looking to buy the energy ETF should do so on weakness to $64.84, which is the 200-day simple moving average. Investors looking to reduce holdings should consider selling strength to $74.72, which is a key level on technical charts until the end of October.

The weekly chart for the Financial Select Sector SPDR Fund (XLF) - Get Financial Select Sector SPDR Fund Report is neutral with the ETF just above its key weekly moving average of $19.46 and above its 200-week simple moving average of $18.10, last tested during the week of July 1 when the average was $17.58. The weekly momentum reading fell to 62.56 down from 64.67 on Oct. 14.

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Investors looking to buy the finance ETF should do so on weakness to $18.63, which is the 200-day simple moving average. A quarterly level of $19.55 should be a magnet. Investors looking to reduce holdings should consider selling strength to $20.12, which is a key level on technical charts until the end of October.

The weekly chart for the Health Care Select Sector SPDR Fund (XLV) - Get Health Care Select Sector SPDR Fund Report is negative with the ETF below its key weekly moving average of $71.54 and above its 200-week simple moving average of $62.80. The weekly momentum reading fell to 24.74 last week down from 32.79 on Oct. 14.

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Investors looking to buy the health care ETF should do so on weakness to $62.80, which is the 200-week simple moving average. Investors looking to reduce holdings should consider selling strength to $75.54, which is a key level on technical charts until the end of October.

The weekly chart for the Utilities Select Sector SPDR Fund (XLU) - Get Utilities Select Sector SPDR Fund Report is negative but oversold with the ETF below its key weekly moving average of $48.81 and well above its 200-week simple moving average of $43.03. The weekly momentum reading declined to 19.05 last week down from 21.29 on Oct. 14, falling below the oversold threshold of 20.00.

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Investors looking to buy the utilities ETF should do so on weakness to $43.03, which is the 200-week simple moving average. Investors looking to reduce holdings should consider selling strength to $51.19 and $51.46, which are key levels on technical charts until the end of 2016.

The weekly chart for the Technology Select Sector SPDR Fund (XLK) - Get Technology Select Sector SPDR Fund Report remains positive but overbought with the ETF above its key weekly moving average of $47.19 and well above its 200-week simple moving average of $38.72. The weekly momentum reading slipped to 85.46 last week down from 88.87 on Oct. 14, becoming less overbought versus the threshold of 80.00.

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Investors looking to buy the technology ETF should do so on weakness to $46.72, which is a key level on technical charts until the end of 2016. My annual value level lags at $35.69. Investors looking to reduce holdings should consider selling strength to $48.54 and $49.05, which are key levels on technical charts until the end of October and the end of 2016, respectively.

The weekly chart for the Shares Transportation Average ETF (IYT) - Get iShares Transportation Average ETF Report remains positive but overbought with the ETF above its key weekly moving average of $143.23 and above its 200-week simple moving average of $136.85. The weekly momentum reading slipped to 80.09 last week down from 82.35 on Oct. 14, just above the overbought threshold of 80.00.

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Investors looking to buy the transportation ETF should consider doing so on weakness to $139.62 and $136.24, which are key levels on technical charts until the end of 2016. Investors looking to reduce holdings should do so on strength to $146.27, which is the April 20 high.

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