The leading sector exchange-traded fund is health care helped by the repeal and replacement of Obamacare. The second leader is technology driven by innovations involving infrastructure spending, led by semiconductor demand. 

The laggards are REITs, hurt by retail store closings, which totaled 5,000 in 2016. REIT's backed by malls have decreasing property values. Energy is hurt by record oil inventories as U.S. production surges.

Scorecard - 11 ETFs

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Dow Jones REIT ETF (RWR) - Get Report

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The weekly chart is negative with the ETF below its key weekly moving average of $93.09. Weekly momentum declined to 69.45 last week. Buy on weakness to the 200-week simple moving average of $86.76. My monthly pivot is $91.91. Sell strength to my weekly risky level of $93.10.

Materials Sector SPDR Fund (XLB) - Get Report

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The weekly chart is neutral with the ETF above its key weekly moving average of $51.89. Weekly momentum slipped to 77.99 last week below the overbought threshold of 80.00. Buy on weakness to my quarterly value level of $44.49. My monthly pivot is $53.18. Sell strength to my weekly risky level of $53.51.

Industrial Sector SPDR Fund (XLI) - Get Report

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The weekly chart remains positive but overbought, with the ETF above its key weekly moving average of $64.92. Weekly momentum ended last week at 87.96, above the overbought threshold of 80.00. Buy on weakness to my quarterly value level of $56.09. My monthly pivot is $66.65. Sell strength to my weekly risky level of $67.02.

Consumer Discretionary Sector SPDR Fund (XLY) - Get Report

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The weekly chart remains positive but overbought with the ETF above its key weekly moving average of $85.64. Weekly momentum reading ended last week at 91.83, above the overbought threshold of 80.00. Buy on weakness to my quarterly value level of $84.35. My monthly pivot is $86.64. Sell strength to my weekly risky level of $87.92.

Consumer Staples Sector SPDR Fund (XLP) - Get Report

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The weekly chart remains positive but overbought with the ETF above its key weekly moving average of $53.99. Weekly momentum ended last week at 92.31, above the overbought threshold of 80.00. Buy on weakness to my monthly value level of $51.55. My quarterly pivot is $53.48. Sell strength to my weekly risky level of $56.60.

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Energy Sector SPDR Fund (XLE) - Get Report

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The weekly chart remains negative, with the ETF below its key weekly moving average of $72.30, and below its 200-week simple moving average of $77.37, which capped the rally during the week of Dec. 16. Weekly momentum fell to 25.99 last week. Buy on weakness to my quarterly value level of $59.87. Sell strength to my monthly risky level of $74.10.

Financial Sector SPDR Fund (XLF) - Get Report

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The weekly chart remains positive but overbought with the ETF above its key weekly moving average of $24.14. Weekly momentum ended last week at 89.10, above the overbought threshold of 80.00. Buy on weakness to my annual value level of $23.65. My monthly pivot is $25.07. Sell strength to my semiannual risky level of $25.87.

Health Care Sector SPDR Fund (XLV) - Get Report

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The weekly chart remains positive but overbought with the ETF above its key weekly moving average of $73.32. Weekly momentum ended last week at 92.69, above the overbought threshold of 80.00. Buy on weakness to my quarterly value level of $72.65. Sell strength to my annual risky level of $78.09.

Utilities Sector SPDR Fund (XLU) - Get Report

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The weekly chart remains positive but overbought with the ETF above its key weekly moving average of $50.03. Weekly momentum ended last week at 89.10, above the overbought threshold of 80.00. Buy on weakness to my quarterly value level of $46.26. My annual pivot is $50.72. Sell strength to my semiannual risky level of $54.29.

Technology Sector SPDR Fund (XLK) - Get Report

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The weekly chart remains positive but overbought with the ETF above its key weekly moving average of $51.58. Weekly momentum ended last week at 97.29, above the overbought threshold of 80.00. Buy on weakness to my annual pivot at $50.72. Sell strength to my semiannual, weekly and annual risky levels of $53.45, $54.00 and $55.49, respectively.

iShares Transportation Average ETF (IYT) - Get Report

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The weekly chart is negative, with the ETF below its key weekly moving average of $168.03. Weekly momentum ended last week at 77.64, falling below the overbought threshold of 80.00. Buy on weakness to my quarterly value level of $130.09. Sell strength to my weekly risky level of $172.05.

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