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The S&P 500's undefined  11 sectors can be traded using its own exchange-traded fund. All 11 began 2017 with first-week gains, but after two weeks only seven of 11 have year-to-date gains. This could be a warning that the overall stock market rally, could be "buy on the election-sell on the inauguration."

In the lead, thanks to Amazon.com (AMZN) - Get Amazon.com, Inc. Report , is the consumer discretionary sector with a year-to-date gain of 3.1%. In second place is the health care sector with a gain of 2.9%. The technology sector ETF, the only one to set a new high so far in 2017, is in third place year to date with a gain of 2.7%. In fourth place is the materials ETF with a gain of 2.4%.

The four with small year-to-date losses are real estate investment trusts, consumer staples, energy and utilities.

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 $92.85, down 0.5% in the first two weeks of 2017 and in correction territory 11% below its all-time intraday of $104.34 set on July 29, 2016 and is 15% above its Feb. 11, 2016 low of $80.74.

The weekly chart for RWR is positive with the ETF just above its key weekly moving average of $92.71 and above its 200-week simple moving average of $86.25, last tested as its "reversion to the mean" during the week of Feb. 12, 2016 when the average was $81.06. The weekly momentum reading rose to 61.70 last week up from 51.62 on Jan. 6.

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Investors looking to buy the REIT ETF should do so on weakness to $86.25, which is the 200-week simple moving average. The $94.74 level should be a magnet through March as it was in the first two weeks of 2017. Investors looking to reduce holdings should consider selling strength to $99.70, which is a key level on technical charts until the end of January. Semiannual and annual risky levels are $101.09 and $112.38, respectively.

The Materials Select Sector SPDR Fund (XLB) - Get Materials Select Sector SPDR Fund Report ended last week at $50.87, up 2.4% in the first two weeks of 2017, after setting its 52-week intraday high of $51.69 on Dec. 12, 2016. The ETF is in bull market territory 40.2% above its Jan. 20, 2016 low of $36.29.

The weekly chart for XLB is neutral with the ETF above its key weekly moving average of $49.95 and above its 200-week simple moving average of $46.04, last tested as the "reversion to the mean" during the week of July 1 when the average was $44.51. The weekly momentum reading held steady at 77.80 last week but is down from 79.12 on Dec. 30.

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Investors looking to buy the materials ETF should do so on weakness to $49.43 and $44.49, which are key levels on technical charts until the end of January and the end of March, respectively. Investors looking to reduce holdings should consider selling strength to $52.07, $55.87 and $61.72, which are key levels on technical charts until the end of this week, until the end of June and until the end of 2017, respectively.

The Industrial Select Sector SPDR Fund (XLI) - Get Industrial Select Sector SPDR Fund Report ended last week at $63.22, up 1.6% in the first two weeks of 2017. This ETF set its all-time intraday high of $64.07 set on Dec. 7, 2016. This ETF is in bull market territory 35% above its Jan. 20, 2016 low of $46.82.

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The weekly chart for XLI remains positive but overbought with the ETF above its key weekly moving average of $62.25 and above its 200-week simple moving average of $53.02, which was last tested as the "reversion to the mean" during the week of Jan. 22, 2016 when the average was $47.92. The weekly momentum reading remains steady at 84.46 well above the overbought threshold of 80.00.

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Investors looking to buy the industrial ETF should do so on weakness to $61.84 and $56.09, which are key levels on technical charts until the end of January and the end of March, respectively. Investors looking to reduce holdings should do so on strength to $70.05 and $71.67, which are key levels on technical chart until the end of 2017, and until the end of June, respectively.

The Consumer Discretionary Select Sector SPDR Fund (XLY) - Get Consumer Discretionary Select Sector SPDR Fund Report ended last week at $83.96, up 3.1% in the first two weeks of 2017 and set its all-time intraday high of $84.68 on Dec. 13, 2016. The ETF is in bull market territory 24.2% above its Jan. 20. 2016.

The weekly chart for XLY has been upgraded to positive with the ETF above its key weekly moving average of $82.36 and well above its 200-week simple moving average of $71.04. The weekly momentum reading rose to 75.24 this week up from 73.96 on Jan. 6.

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Investors looking to buy the consumer discretionary ETF should do so on weakness to $81.30, which is a key level on technical charts until the end of January. Investors looking to reduce holdings should consider selling strength to $84.35, which is a key level on technical charts until the end of March. Annual and semiannual risky levels are $97.00 and $98.70, respectively.

The Consumer Staples Select Sector SPDR Fund (XLP) - Get Consumer Staples Select Sector SPDR Fund Report ended last week at $51.52, down 0.4% in the first two weeks of 2017 and set its all-time intraday high of $56.02 back on July 14, 2016. The ETF is up 8.7% from its Jan. 20, 2016 low of $47.39.

The weekly chart for XLP has been downgraded to neutral with the ETF below its key weekly moving average of $51.78 and above its 200-week simple moving average of $47.22. The weekly momentum reading ended last week at 55.37 up from 52.49 on Jan. 6.

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Investors looking to buy the consumer staples ETF should do so on weakness to $47.22, which is the 200-week simple moving average. Investors looking to reduce holdings should consider selling strength to $53.48 and $53.68, which are key levels on technical charts until the end of March and the end of January, respectively.

The Energy Select Sector SPDR Fund (XLE) - Get Energy Select Sector SPDR Fund Report ended last week at $74.38, down 1.2% in the first two weeks of 2017. The ETF is in bull market territory 49% above its Jan. 20, 2016 low of $49.93. This ETF set its 2016 high of $78.45 on Dec. 12.

The weekly chart for XLE has been downgraded to negative with the ETF below its key weekly moving average of $74.41, and below its 200-week simple moving average of $77.59, after being briefly above it during the week of Dec. 16. The weekly momentum reading slipped to 77.77 last week down from 80.87 on Jan. 6, falling below the overbought threshold of 80.00.

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Investors looking to buy the energy ETF should do so on weakness to $73.68, which is a key level on technical charts until the end of January. The $59.87 level is a value level until the end of March. Investors looking to reduce holdings should consider selling strength to $84.23, which is a key level on technical charts until the end of June.

The Financial Select Sector SPDR Fund (XLF) - Get Financial Select Sector SPDR Fund Report ended last week at $23.51, up 1.1% in the first two weeks of 2017. The ETF is in bull market territory 48.2% above its Feb. 11, 2016 low of $15.86. This ETF set its multiyear intraday high of $23.87 on Dec. 15.

The weekly chart for XLF remains positive but overbought with the ETF above its key weekly moving average of $22.88 and above its 200-week simple moving average of $18.59, last tested as the "reversion to the mean" during the week of July 1 when the average was $17.58. The weekly momentum reading ended last week at 91.01, still well above the overbought threshold of 80.00.

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Investors looking to buy the finance ETF should do so on weakness to $22.19 and $19.86, which are key levels on technical charts until the end of January and until the end of March, respectively. The $23.65 level is an annual pivot or magnet that was crossed in each of the first two weeks of 2017. Investors looking to reduce holdings should consider selling strength to $25.87, which is a key level on technical charts until the end of June.

The Health Care Select Sector SPDR Fund (XLV) - Get Health Care Select Sector SPDR Fund Report ended last week at $70.92, up 2.9% in the first two weeks of 2017. The ETF is 13.1% above its Feb. 9, 2016 low of $62.68. This ETF is 6.7% below its Aug 1, 2016 high of $76.00.

The weekly chart for XLV is positive with the ETF above its key weekly moving average of $69.93 and above its 200-week simple moving average of $64.39. The weekly momentum reading rose to 56.48 last week up from 49.93 on Jan. 6.

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Investors looking to buy the health care ETF should do so on weakness to $64.38, which is the 200-week simple moving average. Investors looking to reduce holdings should consider selling strength to $71.79, $72.65 and $78.09, which are key levels on technical charts until the end of January, the end of March and the end of 2017, respectively.

The Utilities Select Sector SPDR Fund (XLU) - Get Utilities Select Sector SPDR Fund Report ended last week at $48.51, down 0.1% in the first two weeks of 2017. The ETF is 8.5% below its July 6, 2016 high of $53.02, and is 16.9% above its Dec. 11, 2015 low of $41.50.

The weekly chart remains positive with the utilities ETF above its key weekly moving average of $48.26 and above its 200-week simple moving average as support at $43.70. The weekly momentum reading rose to 63.64 last week up from 57.78 on Jan. 6.

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Investors looking to buy the utilities ETF should do so on weakness to $46.26, which is a key level on technical charts until the end of March. Investors looking to reduce holdings should consider selling strength to $50.53 and $50.72, which are key levels on technical charts until the end of January and the end of 2017, respectively. A semiannual risky level is $54.29.

The Technology Select Sector SPDR Fund (XLK) - Get Technology Select Sector SPDR Fund Report ended last week at $49.66, up 2.7% in the first two weeks of 2017, and in bull market territory 30.6% above its Jan. 20, 2016 low of $38.03. This ETF set its all-time intraday high of $49.75 on Jan. 13.

The weekly chart for XLK has become positive but overbought with the ETF above its key weekly moving average of $48.56 and well above its 200-week simple moving average of $39.83. The weekly momentum reading rose to 82.63 last week up from 79.47 on Jan. 6, moving above the overbought threshold of 80.00.

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Investors looking to buy the technology ETF should consider doing so on weakness to $46.95, which is a key level until the end of March. Investors looking to reduce holdings should consider selling strength to $51.30, $53.45 and $55.49, which are key levels on technical charts until the end of January, the end of June and the end of 2017, respectively.

The iShares Transportation Average ETF (IYT) - Get iShares US Transportation ETF Report ended last week at $165.57, up 1.7% in the first two weeks of 2017, and in bull market territory 44.1% above its Jan. 20, 2016 low of $114.91. This ETF set its all-time intraday high of $171.16 set on Dec. 9, 2016.

The weekly chart for the transportation ETF is positive but overbought with the ETF above its key weekly moving average of $162.05, which held on weakness last week. The ETF is above its 200-week simple moving average of $140.23. The weekly momentum reading slipped to 80.25 last week down from 82.43 on Jan. 6, and could fall below the overbought threshold of 80.00 on Inauguration Day.

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Investors looking to buy the transportation ETF should consider doing so on weakness to $155.40 and $130.09, which are key levels on technical charts until the end of January and the end of March, respectively. Investors looking to reduce holdings should do so on strength to $182.54, which is a key level on technical charts until the end of 2017.

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