The S&P 500 I:GSPC set an all-time intraday high of 2,193.81 on Aug. 15 and remains well above its 50-day simple moving average of 2,144.37. The consumer sectors had been a source of stock market strength, but that leadership is beginning to fade as retail sales slow. 

The consumer discretionary sector exchange-traded fund set its all-time intraday high of $82.38 also on Aug. 15. This ETF is approaching its 50-day simple moving average of $80.39. The weekly chart of the S&P 500 remains positive but overbought, while the weekly chart for the discretionary ETF is on the cusp of a downgrade too neutral, perhaps even too negative.

The consumer staples sector ETF consists is a shopping cart of stocks where consumers buy products and services they need in their everyday life. This ETF was a leader, but set its all-time intraday high of $56.02 back on July 14. This ETF ended last week with a negative weekly chart as a warning that the consumer spending is slowing. This is an economic warning as the consumer represents nearly 70% of the U.S. economy.

Another stock market warning is the negative weekly chart for the utilities sector ETF. The health care sector could become another drag on stocks as this weekly chart has been downgraded too neutral and could be negative as September begins towards the end of this week.

Here's this week's scorecard for the 10 exchange-traded funds that represent each of the sectors of the S&P 500.

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The weekly chart for the Materials Select Sector SPDR Fund (XLB) - Get Report is positive but overbought with the ETF above its key weekly moving average of $48.29 and above its 200-week simple moving average of $44.97. The weekly momentum reading ended last week at 87.23 up from 86.66 on August 19, moving further above the overbought threshold of 80.00.

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Investors looking to buy the materials ETF should do so on weakness to $44.62 and $42.84, which are key levels on technical charts until the end of August and the end of September, respectively.

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 weekly chart for the Industrial Select Sector SPDR Fund (XLI) - Get Report remains positive but overbought with the ETF above its key weekly moving average of $58.01 and above its 200-week simple moving average of $50.92. The weekly momentum reading rose to 89.91 up from 87.95 on August 19, moving further above the overbought threshold of 80.00.

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Investors looking to buy the industrial ETF should do so on weakness to $55.21 and $54.82 which are key levels on technical charts until the end of August and the end of September, respectively.

Investors looking to reduce holdings should do so on strength to $64.51 and $67.11, which are key levels on technical charts until the end of 2016.

The weekly chart for the Consumer Discretionary Select Sector SPDR Fund (XLY) - Get Report remains positive but overbought with the ETF just above its key weekly moving average of $80.85 and well above its 200-week simple moving average of $67.85. The weekly momentum reading slipped to 90.16 last week down from 90.38 on August 19, with both readings well above the overbought threshold of 80.00.

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Investors looking to buy the consumer discretionary ETF should do so on weakness to $76.01 and $71.86, which are key levels on technical charts until the end of August and the end of 2016, respectively.

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 weekly chart for the Consumer Staples Select Sector SPDR Fund (XLP) - Get Report has been downgraded too negative with the ETF below its key weekly moving average of $54.64 and well above its 200-week simple moving average of $45.6. The weekly momentum reading slipped to 71.88 last week down from 75.50 on August 19.

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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, $56.08 and $58.35, which are key levels on technical charts until the end of September, until the end of August, and the end of 2016, respectively.

The weekly chart for the Energy Select Sector SPDR Fund (XLE) - Get Report remains positive with the ETF above its key weekly moving average of $68.49 and well below its 200-week simple moving average of $77.84. The weekly momentum reading rose to 73.19 last week up from 69.36 on August 19.

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Investors looking to buy the energy ETF should do so on weakness to $59.62 and $54.40 which are key levels on technical charts until the end of August and until the end of 2016, respectively.

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 weekly chart for the Financial Select Sector SPDR Fund (XLF) - Get Report is positive but overbought with the ETF above its key weekly moving average of $23.69 and above its 200-week simple moving average of $21.96. The weekly momentum reading rose to 89.57 up from 87.53 on August 19, moving further above the overbought threshold of 80.00.

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Investors looking to buy the finance ETF should do so on weakness to $21.30, which is a key level on technical charts until the end of August.

Investors looking to reduce holdings should consider selling strength to $24.17 which is a key level on technical charts until the end of September and was tested last week. The higher risky level is $29.61 in play until the end of 2016.

The weekly chart for the Health Care Select Sector SPDR Fund (XLV) - Get Report has been downgraded too neutral with the ETF below its key weekly moving average of $73.68 and above its 200-week simple moving average of $61.53. The weekly momentum reading fell to 84.10 last week down from 88.35 on August 19, becoming less overbought above the 80.00 threshold. A close this week below $73.68 will likely result in a negative weekly chart.

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Investors looking to buy the health care ETF should do so on weakness to $70.17 which is a key level on technical charts until the end of August.

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 weekly chart for the Utilities Select Sector SPDR Fund (XLU) - Get Report remains negative with the ETF below its key weekly moving average of $50.67 and well above its 200-week simple moving average of $42.48. The weekly momentum reading ended last week at 57.88 down from 70.70 on August 19.

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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 should be a magnet until the end of 2016.

Investors looking to reduce holdings should consider selling strength to $54.71, which is a key level on technical charts until the end of August.

The weekly chart for the Technology Select Sector SPDR Fund (XLK) - Get Report remains positive but overbought with the ETF above its key weekly moving average of $46.04 and well above its 200-week simple moving average of $37.98. The weekly momentum reading rose to 93.41 last week up from 92.74 on August 192, moving further above the overbought threshold 80.00.

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Investors looking to buy the technology ETF should do so on weakness to $45.54 and $43.15, which are key levels on technical charts until the end of September, and until the end of August, respectively.

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 weekly chart for the Shares Transportation Average ETF (IYT) - Get Report remains positive with the ETF above its key weekly moving average of $140.50 and above its 200-week simple moving average of $134.75. The weekly momentum reading rose to 79.62 this week up from 78.21 on August 19.

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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 $142.30 should continue to be a magnet until the end of September.

Investors looking to reduce holdings should do so on strength to $145.21, which is a key level on technical charts until the end of this week. The $167.06 and $172.27 levels remain in play until the end of 2016.

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