The SPDR Dow Jones REIT ETF (RWR) - Get Report is an exchange-traded fund consisting of 99 publicly traded REITs. This is the ETF I will use to represent the new 11th sector of the S&P 500.

A real estate investment trust, or REIT, is a company that owns or finances real estate properties in return for rental income and capital gains on sales of properties in their portfolio of prominently buildings. This taxable income is paid to shareholders in the form of dividends.

Here is a scorecard for the REIT ETF and its four largest components.

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Here's the weekly chart for the REIT ETF.

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Courtesy of MetaStock Xenith

The REIT ETF closed Tuesday at $101.38, up 10.6% year to date and in bull market territory 25.6% above its Feb. 11 low of $80.74.

The weekly chart shows a red line through the price bars. which is the key weekly moving average (a five-week modified moving average). The green line is the 200-week simple moving average considered the "reversion to the mean." The study in red along the bottom of the chart is weekly momentum (a 12x3x3 weekly slow stochastic), which scales between 00.00 and 100.00, where readings above 80.00 indicates overbought and readings below 20.00 indicates oversold. A negative weekly chart shows the stock below its key weekly moving average with weekly momentum declining below 80.00 in a trend towards 20.00.

The weekly chart for the REIT ETF is neutral, with the ETF above its key weekly moving average of $100.40 and well above its 200-week simple moving average of $84.62. Note that this key moving average held during the week of Feb. 12 as a buying opportunity at the "reversion to the mean". The weekly momentum reading is providing a negative divergence as this week's reading is projected to decline to 68.00 down from 69.75 on Sept. 2.

Investors looking to buy the REIT ETF should buy weakness to $97.99, which is a key level on technical charts until the end of 2016. A lower annual level is $71.49.

Investors looking to reduce holdings should do so on strength to $101.87, which is a key level on technical charts for this week only.

Here's the weekly chart for Simon Property Group (SPG) - Get Report .

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Courtesy of MetaStock Xenith

Simon Property, the largest component of the ETF with a weighting of 9.97%, closed Tuesday at $218.16, up 12.2% year to date and in bull market territory 23.9% above its Feb. 9 low of $176.11. This strength is surprising as this REIT primarily owns regional malls, under pressure from slowing retail sales.

The weekly chart for Simon Property is neutral with the REIT above its key weekly moving average of $216.16 and well above its 200-week simple moving average of $173.50. The weekly momentum reading is projected to decline to 60.73 this week down from 63.28 on Sept. 2.

Investors looking to buy the Simon Property should buy weakness to $206.94 and $188.73, which are key levels on technical charts until the end of 2016.

Investors looking to reduce holdings should do so on strength to $219.24 and $220.08, which are key levels on technical charts until the end of September.

Here's the weekly chart for Public Storage (PSA) - Get Report .

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Courtesy of MetaStock Xenith

Public Storage, the second largest component of the ETF with a weighting of 4.97%, closed Tuesday at $224.37, down 9.4% year to date and in correction territory 19.2% below its April 13 high of $277.60. This weakness should not be a surprise as this self-storage REIT caters to homeowners and small businesses, who are hurt by the extremely slow economic growth.

The weekly chart for Public Storage is negative but oversold with the REIT below its key weekly moving average of $232.34 indicating risk to the 200-week simple moving average of $190.22. The weekly momentum reading is projected to slip to 11.44 this week down from 12.70 on Sept. 2, falling further below the oversold threshold of 20.00.

Investors looking to buy the Public Storage should buy weakness to $211.29, 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 $231.60, which is a key level on technical charts until the end of 2016.

Here's the weekly chart for Prologis (PLD) - Get Report .

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Courtesy of MetaStock Xenith

Prologis, the third largest component of the ETF with a weighting of 4.22%, closed Tuesday at $54.13, up 26.1% year to date and in bull market territory 53.6% above its Feb. 11 low of $35.25. This strength is surprising as this REIT primarily owns industrial properties, which should slump in this limp economy.

The weekly chart for Prologis is positive but overbought with the REIT above its key weekly moving average of $52.91 and well above its 200-week simple moving average of $41.20 last tested as the "reversion to the mean" during the week of Jan. 15 when the average was $39.02, as a buying opportunity. The weekly momentum reading is projected to decline to 85.17 this week down from 85.85 on Sept. 2, becoming less overbought versus the threshold of 80.00.

Investors looking to buy the Prologis should buy weakness to $51.48 and $49.74, which are key levels on technical charts until the end September and the end of 2016, respectively.

Investors looking to reduce holdings should do so on strength to $57.27, which is a key level on technical charts until the end of this week.

Here's the weekly chart for Welltower  (HCN) .

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Courtesy of MetaStock Xenith

Welltower, the fourth largest component of the ETF with a weighting of 4.07%, closed Tuesday at $77.92, up 14.5% year to date and in bull market territory 47.6% above its Feb. 11 low of $52.80. This REIT downs health care facilities, which could be affected by the future of Obamacare.

The weekly chart for Welltower is neutral with the REIT above its key weekly moving average of $76.61 and well above its 200-week simple moving average of $66.85. Note how this REIT traded back and forth around its "reversion to the mean" between the week of Aug. 28, 2015 and the week of March 18. The weekly momentum reading is projected to decline to 70.20 this week down from 72.86 on Sept. 2.

Investors looking to buy the Welltower should buy weakness to $76.42 and $74.79, which are key levels on technical charts until the end 2016 and the end of September, respectively. An annual level is $69.82.

Investors looking to reduce holdings should do so on strength to $79.21, which is a key level on technical charts until the end of September.

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