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The S&P 500 undefined is divided into 11 sectors, and each can be traded using its own exchange-traded fund. In early February 2017, the materials, industrials, consumer discretionary, finance, technology and transportation sector ETFs have positive but overbought weekly charts. The consumer staples, health care and utilities ETFs have positive weekly charts. The REIT ETF has a neutral weekly chart, and the energy ETF has a negative weekly chart.

Here's this week's scorecard for the 11 ETFs 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 $92.77, down 0.6% in the first five weeks of 2017 It is in correction territory, 11.1% below its all-time intraday of $104.34, set on July 29, 2016. It is 14.9% above its Feb. 11, 2016, low of $80.74.

The weekly chart for RWR remains neutral, with the ETF just above its key weekly moving average of $92.75 and above its 200-week simple moving average of $86.48, 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 ended last week at 67.41, down from 67.99 on Jan. 27. This chart will be negative next week if the ETF closes below $92.75.

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Investors looking to buy the REIT ETF should do so on weakness to $86.48, which is the 200-week simple moving average. Investors looking to reduce holdings should consider selling strength to $94.74 and $97.30, which are key levels on technical charts until the end of March and the end of February, respectively.

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 $52.08, up 4.8% in the first five weeks of 2017. It set an all-time intraday high of $53.26 on Jan. 26. The ETF is in bull market territory, 43.5% above its Jan. 20, 2016, low of $36.29.

The weekly chart for XLB remains positive but overbought, with the ETF above its key weekly moving average of $50.98 and above its 200-week simple moving average of $46.24, last tested as the "reversion to the mean" during the week of July 1, when the average was $44.51. The weekly momentum reading rose to 84.40 last week, up from 83.22 on Jan. 27, 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 $51.20 and $44.49, which are key levels on technical charts until the end of February and the end of March, respectively. Investors looking to reduce holdings should consider selling strength to $55.87 and $61.72, which are key levels on technical charts until the end of June and 2017, respectively.

The Industrial Select Sector SPDR Fund (XLI) - Get Industrial Select Sector SPDR Fund Report ended last week at $63.62, up 2.3% in the first five weeks of 2017. This ETF set its all-time intraday high of $64.84 on Jan. 26, 2016. This ETF is in bull market territory, 35.9% above its Jan. 20, 2016, low of $46.82.

The weekly chart for XLI remains positive but overbought, with the ETF above its key weekly moving average of $63.03 and above its 200-week simple moving average of $53.36, 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 slipped to 87.18, down from 88.17 on Jan. 27, moving slightly lower but still above the overbought threshold of 80.00.

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Investors looking to buy the industrials ETF should do so on weakness to $56.09, which is a key level on technical charts until the end of March. I show a monthly pivot for February at $64.00.

Investors looking to reduce holdings should do so on strength to $70.05 and $71.67, which are key levels on technical charts until the end of 2017 and 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 $84.49, up 3.8% in the first five weeks of 2017, and set its all-time intraday high of $85.63 on Jan. 26. The ETF is in bull market territory, 25% above its Jan. 20, 2016, low.

The weekly chart for XLY is now positive but overbought, with the ETF above its key weekly moving average of $83.42 and well above its 200-week simple moving average of $71.52. The weekly momentum reading rose to 85.19 last week, up from 83.62 on Jan. 27, moving further 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 $83.27, which is a key level on technical charts until the end of February. I show a quarterly pivot of $84.35 last week, in play 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 $53.00, up 2.5% in the first five weeks of 2017 It set its all-time intraday high of $56.02 back on July 14, 2016. The ETF is up 11.8% from its Jan. 20, 2016, low of $47.39.

The weekly chart for XLP remains positive, with the ETF above its key weekly moving average of $52.22, and above its 200-week simple moving average of $47.41. The weekly momentum reading rose to 71.94 last week, up from 64.52 on Jan. 27.

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Investors looking to buy the consumer staples ETF should do so on weakness to $47.41, which is the 200-week simple moving average. Investors looking to reduce holdings should consider selling strength to $53.48 and $53.50, which are key levels on technical charts until the end of March and the end of February, respectively.

Annual and semiannual risky levels are $58.03 and $61.19, respectively.

The Energy Select Sector SPDR Fund (XLE) - Get Energy Select Sector SPDR Fund Report ended last week at $73.40, down 2.5% in the first five weeks of 2017. The ETF is in bull market territory, 47% 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 remains negative, with the ETF below its key weekly moving average of $74.20, and below its 200-week simple moving average of $77.52, after being briefly above it during the week of Dec. 16. The weekly momentum reading slipped to 66.19 last week, down from 70.83 on Jan. 27.

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Investors looking to buy the energy ETF should do so on weakness to $59.87, which is a key level on technical charts until the end of March. Investors looking to reduce holdings should consider selling strength to $75.11, which is a key level on technical charts until the end of February.

The Financial Select Sector SPDR Fund (XLF) - Get Financial Select Sector SPDR Fund Report ended last week at $23.72, up 2% in the first five weeks of 2017. The ETF is in bull market territory, 49.6% 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 $23.20 and above its 200-week simple moving average of $18.72, 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 90.41, vs. 90.40 on Jan. 27, 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 $22.74 and $19.86, which are key levels on technical charts until the end of February and until the end of March, respectively. The $23.65 level is an annual pivot or magnet in play for all 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 $71.42, up 3.6% in the first five weeks of 2017. The ETF is 13.9% above its Feb. 9, 2016, low of $62.68.

The weekly chart for XLV has been upgraded to positive, with the ETF above its key weekly moving average of $70.19 and above its 200-week simple moving average of $64.75. The weekly momentum reading rose to 65.72 last week, up from 63.93 on Jan. 27.

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Investors looking to buy the health care ETF should do so on weakness to $70.40, which is a key level on technical charts for February.

Investors looking to reduce holdings should consider selling strength to $72.65 and $78.09, which are key levels on technical charts until 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 $48.90, up 0.7% in the first five weeks of 2017. The ETF is 7.8% below its July 6, 2016, high of $53.02, and is 17.8% above its Dec. 11, 2015, low of $41.50.

The weekly chart for the utilities ETF remains positive, with the ETF above its key weekly moving average of $48.46 and above its 200-week simple moving average as support at $43.85. The weekly momentum reading rose to 72.88 last week, up from 69.86 on Jan. 27.

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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 $49.94 and $50.72, which are key levels on technical charts until the end of February 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 $50.69, up 4.8% in the first four weeks of 2017, and in bull market territory, 33.3% above its Jan. 20, 2016, low of $38.03. This ETF set its all-time intraday high of $50.83 on Jan. 27.

The weekly chart for XLK remains positive but overbought, with the ETF above its key weekly moving average of $49.50 and well above its 200-week simple moving average of $40.13. The weekly momentum reading rose to 93.10 last week, up from 90.93 on Jan. 27, moving further 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. My monthly pivot is $50.93 for all of February.

Investors looking to reduce holdings should consider selling strength to $53.45 and $55.49, which are key levels on technical charts until 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 $166.34, up 2.1% in the first five weeks of 2017. This ETF is in bull market territory, 44.8% above its Jan. 20, 2016, low of $114.91. The transportation ETF set its all-time intraday high of $171.16 on Dec. 9.

The weekly chart for the transportation ETF remains positive but overbought, with the ETF above its key weekly moving average of $164.71, which held on weakness the past four weeks. The ETF is above its 200-week simple moving average of $141.10. The weekly momentum reading rose to 82.22 last week, up from 82.07 on Jan. 27, 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 $162.78 and $130.09, which are key levels on technical charts until the end of February 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. My semiannual risky level is $192.85.

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