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The stock market rally continued to be powered by new intraday highs last week by the S&P 500 sector exchange-traded funds for materials, industrial, energy, financial and transportation. Each of these ETFs are solidly in bull market territory versus lows set between Jan. 20 and Feb. 11.

The lagging sectors are represented by the "safety sectors" ETFs as real estate, health care and utilities are in correction territory versus highs set between July 6 and Aug. 1.

The in-between performers include consumer discretionary, which set its high on Nov. 25, and is in bull market territory. Consumer staples is 9.7% below its July 14 high.

The surprise sector provides a significant technical warning. The technology sector ETF set its multiyear intraday high on Nov. 29, then closed the week below the prior week's low. This is called a weekly "key reversal". This is a warning that the "Trump Bump" is about to experience a corrective "Trump Slump".

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 SPDR Dow Jones REIT ETF (RWR) - Get SPDR Dow Jones REIT ETF Report ended last week at $90.23, down 1.5% year to date, and in correction territory 13.5% below its all-time intraday of $104.34 set on July 29.

The weekly chart for RWR remains negative but oversold with the ETF below its key weekly moving average of $91.27 and above its 200-week simple moving average of $85.76, last tested during the week of Feb. 12, when the average was $81.06. The weekly momentum reading inched up to 15.82 last week up from 13.66 on Nov. 25, becoming less oversold versus the threshold of 20.00.

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Investors looking to buy the REIT ETF should do so on weakness to $85.76, which is the 200-week simple moving average. Investors looking to reduce holdings should consider selling strength to $96.05, which is a key level on technical charts until the end of December.

The Materials Select Sector SPDR Fund (XLB) - Get Materials Select Sector SPDR Fund Report ended last week at $49.98, up 15.1% year to date, and setting a multiyear intraday high of $50.33 on Dec. 1. The ETF is in bull market territory 37.7% above its Jan. 20 low of $36.29.

The weekly chart for XLB remains positive with the ETF above its key weekly moving average of $48.31 and above its 200-week simple moving average of $45.69, last tested during the week of July 1, when the average was $44.51. The weekly momentum reading rose to 64.52 last week up from 52.90 on Nov. 25.

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Investors looking to buy the materials ETF should do so on weakness to $47.57, which is a key level on technical charts until the end of this week. Investors looking to reduce holdings should consider selling strength to $51.19 and $53.66, which are key levels on technical charts until the end of 2016.

The Industrial Select Sector SPDR Fund (XLI) - Get Industrial Select Sector SPDR Fund Report ended last week at $62.81, up 18.5% year to date and set its all-time intraday high of $63.02 on Dec. 2. This ETF is in bull market territory 34.2% above its Jan. 20 low of $46.82.

The weekly chart for XLI is positive with the ETF above its key weekly moving average of $60.15 and above its 200-week simple moving average of $52.37, last tested during the week of Jan. 22 when the average was $47.92. The weekly momentum reading rose to 74.89 last week up from 63.63 on Nov. 25.

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Investors looking to buy the industrial ETF should do so on weakness to $61.23 and $60.09, which are key levels on technical charts until the end of December and the end of this week, respectively. Investors looking to reduce holdings should do so on strength to $68.26, which is a key level on technical chart until the end of 2016.

The Consumer Discretionary Select Sector SPDR Fund (XLY) - Get Consumer Discretionary Select Sector SPDR Fund Report ended last week at $81.44, up 4.2% year to date, and in bull market territory 20.5% above its Feb. 11 low of $67.59. This ETF set its all-time intraday high of $83.07 on Nov. 25.

The weekly chart for XLY is positive with the ETF above its key weekly moving average of $80.41 and well above its 200-week simple moving average of $70.09. The weekly momentum reading rose to 63.36 last week up from 50.76 on Nov. 25.

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Investors looking to buy the consumer discretionary ETF should do so on weakness to $79.93, which is a key level on technical charts until the end of this week. I show a monthly pivot of $81.02. Investors looking to reduce holdings should consider selling strength to $87.45, which is a key level on technical charts until the end of 2016.

The Consumer Staples Select Sector SPDR Fund (XLP) - Get Consumer Staples Select Sector SPDR Fund Report ended last week at $50.57, up just 0.2% year to date and is 9.7% below the July 14 all-time intraday high of $56.02.

The weekly chart for XLP remains negative but oversold with the ETF below its key weekly moving average of $51.53 and above its 200-week simple moving average of $46.80. The weekly momentum reading ended last week at 12.21 up a tad from 11.18 on Nov. 25, with both readings well 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 $52.80, which is a key level on technical charts until the end of December.

The Energy Select Sector SPDR Fund (XLE) - Get Energy Select Sector SPDR Fund Report ended last week at $74.83, up 24.1% year to date and in bull market territory 49.9% above its Jan. 20 low of $49.93. This ETF set its 2016 high of $76.06 on Dec. 1.

The weekly chart for XLE remains positive with the ETF above its key weekly moving average of $71.13, but still well below its 200-week simple moving average of $77.67. The weekly momentum reading rose to 71.14 last week up from 63.51 on Nov. 25.

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Investors looking to buy the energy ETF should do so on weakness to $70.23, which is a key level on technical charts until the end of this week. Investors looking to reduce holdings should consider selling strength to $78.52, which is a key level on technical charts until the end of 2016.

The Financial Select Sector SPDR Fund (XLF) - Get Financial Select Sector SPDR Fund Report ended last week at $22.65, up 17.1% year to date and in bull market territory 42.8% above its Feb. 11 low of $15.86. This ETF set its multiyear intraday high of $22.95 on Dec. 1.

The weekly chart for XLF remains positive but overbought with the ETF above its key weekly moving average of $21.16 and above its 200-week simple moving average of $18.32, last tested during the week of July 1 when the average was $17.58. The weekly momentum reading rose to 85.69 last week up from 80.80 on Nov. 25, 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 $22.17 and $21.73, which are key levels on technical charts until the end of this week and until the end of December, respectively. Investors looking to reduce holdings should consider selling strength to $23.51, which is a key level on technical charts until the end of 2016.

The Health Care Select Sector SPDR Fund (XLV) - Get Health Care Select Sector SPDR Fund Report ended last week at $68.41, down 5% year to date and is 10% above its Feb. 9 low of $62.68. This ETF is in correction territory 10% below its Aug, 1 high of $76.00.

The weekly chart for XLV remains neutral with the ETF below its key weekly moving average of $69.58 and above its 200-week simple moving average of $63.61. The weekly momentum reading rose to 35.16 last week up from 31.19 on Nov. 25.

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Investors looking to buy the health care ETF should do so on weakness to $66.69, which is a key level on technical charts until the end of this week. Investors looking to reduce holdings should consider selling strength to $73.95, which is a key level on technical charts until the end of December.

The Utilities Select Sector SPDR Fund (XLU) - Get Utilities Select Sector SPDR Fund Report ended last week at $46.80, up 8.1% year to date and in correction territory 11.7% below its July 6 high of $53.02.

The weekly chart for XLU is neutral with the ETF below its key weekly moving average of $47.44 and above its 200-week simple moving average of $43.37. The weekly momentum reading moved higher by a pinch to 21.56 up from 20.28 on Nov. 25, staying above the oversold threshold of 20.00.

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Investors looking to buy the utilities ETF should do so on weakness to $45.66, which is a key level on technical charts until the end of this week. Investors looking to reduce holdings should consider selling strength to $48.89, which is a key level on technical charts until the end of December.

The Technology Select Sector SPDR Fund (XLK) - Get Technology Select Sector SPDR Fund Report ended last week at $46.69, up 9% year to date and in bull market territory 22.8% above its Jan. 20 low of $38.03. The weekly chart below shows a weekly "key reversal" with the ETF setting a multiyear intraday high of $48.30 on Nov. 29, then ending the week below the prior week's low of $47.46.

The weekly chart for XLK has been downgraded to neutral from positive with the ETF below its key weekly moving average of $47.13 and well above its 200-week simple moving average of $39.25. The weekly momentum reading rose to 62.13 last week up from 59.59 on Nov. 25.

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Investors looking to buy the technology ETF could have done so last week on weakness to $46.72, which is now a pivot until the end of 2016. My annual value level lags at $35.69. Investors looking to reduce holdings should consider selling strength to $47.49 and $49.05, which are key levels on technical charts until the end of 2016.

The iShares Transportation Average ETF (IYT) - Get iShares Transportation Average ETF Report ended last week at $163.00, up 21% year to date and in bull market territory 41.9% above its Jan. 20 low of $114.91. This ETF set its multiyear intraday high of $163.57 set on Dec, 2.

The weekly chart for IYT is positive but overbought with the ETF above its key weekly moving average of $153.76 and above its 200-week simple moving average of $138.40. The weekly momentum reading rose to 91.31 last week up from 87.42 on Nov. 25, becoming more overbought above the threshold of 80.00.

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Investors looking to buy the transportation ETF should consider doing so on weakness to $157.50, which is a key level on technical charts until the end of this week. Investors looking to reduce holdings should do so on strength to $166.45, which is also a key level on technical charts until the end of this week.

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