The dynamics among the 11 S&P 500 I:GSPCsector exchange-traded funds clearly shows that technology remains the leader. The technology Sector ETF set its all-time intraday high of $55.83 on Monday. The tech sector's largest component Apple (AAPL) - Get Reportset an all-time intraday high of $156.65, also on Monday. 

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Like technology, the utilities ETF has a positive but overbought weekly chart, thanks to investors' quest for dividends. The momentum gains from technology combined with the "flight to safety" of dividend income, defines what's called a barbell investment portfolio.

The barbell strategy balances investors' portfolios by pairing risk of volatile stocks with the income security of dividend stocks.

The only other sector ETF with a positive but overbought weekly chart is consumer discretionary. Sector ETFs with positive weekly charts are materials, industrial, financials and health care. Sector ETFs with neutral weekly charts are consumer staples and transportation. The REIT ETF still has a negative weekly chart, while the energy ETF is on the cusp of an upgrade from a negative weekly chart.

When looking at the weekly charts below, keep an eye on the 200-week simple moving averages, shown in green. Investors should consider this level as the "reversion to the mean." This reversion is an investment theory that the price, or an index, stock or ETF, will eventually return to a longer-term simple moving average, and the 200-week is simple to track. A ticker trading above its "reversion to the mean" will eventually decline back to it on weakness. Similarly, a ticker trading below its "reversion to the mean" will eventually rebound to it on strength.

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