Editors' Pick: Originally published March 23.

The New Year began with price gaps lower, and the S&P 500 I:GSPC quickly declined into correction territory -- 15.3% below its all-time high of 2,134.72, set on May 20, 2015.

The S&P sector scorecard below shows how the "year of the bear" began with seven of 10 S&P sectors declining by larger percentages than the S&P 500 overall.

Four sectors actually declined into bear market territory at their year-to-date lows, as the performance of their exchange-traded funds shows. The Materials Select Sector SPDR Fund (XLB) - Get Report was down 30.5% from its all-time high of $52.22, set on Feb. 25, 2015. The Energy Select Sector SPDR Fund (XLE) - Get Report was down 40.3% from its 52-week high of $83.66, set on May 5. The Financial Select Sector SPDR Fund (XLF) - Get Report was down 23.8% from its multiyear high of $25.62, set on July 23. The iShares Transportation Average ETF (IYT) - Get Report was down 29.2% from its 2015 high of $162.38, set on March 3, 2015.

A few ETFs outperformed. The Consumer Staples Select Sector SPDR Fund (XLP) - Get Report set an all-time high of $53.15 on March 17. The Utilities Select Sector SPDR Fund (XLU) - Get Report set a multiyear high of $49.42 on March 17. The Technology Select Sector SPDR Fund (XLK) - Get Report was down 14.8% at its 2016 low of $38.03 set on Jan. 20 but has since recovered.

Here's the scorecard for 10 sector ETFs, followed by their weekly charts and trading levels.

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The weekly charts below show a red line through the price bars, which is the key weekly moving average (a 5-week modified moving average). The green line is the 200-week simple moving average, 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 indicate overbought and readings below 20.00 indicate oversold. A negative weekly chart shows the stock below its key weekly moving average, with weekly momentum declining below 80.00 in a trend toward 20.00.

Materials


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The weekly chart for the materials sector is positive, with the ETF above its key weekly moving average of $43.13 and above its 200-week simple moving average of $43.71. The weekly momentum reading is projected to rise to 78.73 this week, up from 70.77 on March 18.

Investors looking to buy the materials ETF should consider doing so on weakness to $41.88, which is a key level on technical charts until the end of 2016. Investors looking to reduce holdings should consider selling strength to $46.90, which is a key level on technical charts until the end of 2016.

Industrials


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The weekly chart for the industrials ETF is positive but overbought, with the ETF above its key weekly moving average of $53.32 and above its 200-week simple moving average of $48.65.

The weekly momentum reading is projected to rise to 82.51 this week, up from 75.22 on March 18, moving above the overbought threshold of 80.00.

Investors looking to buy the industrial ETF should consider doing so on weakness to $43.64, which is a key level on technical charts until the end of 2016. Investors looking to reduce holdings should consider selling strength to $56.37, which is a key level on technical charts until the end of this week.

Consumer Discretionary


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The weekly chart for the consumer discretionary ETF is positive, with the ETF above its key weekly moving average of $75.94, and well above its 200-week simple moving average of $64.06. The weekly momentum reading is projected to rise to 67.08 this week, up from 57.62 on March 18.

Investors looking to buy the consumer discretionary ETF should consider doing so on weakness to $71.86, which is a key level on technical charts until the end of 2016.

Investors looking to reduce holdings should consider selling strength to $78.22, which is a key level on technical charts until the end of March.

Consumer Staples


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The weekly chart for the consumer staples ETF is positive but overbought, with the ETF above its key weekly moving average of $51.52, and well above its 200-week simple moving average of $43.60. The weekly momentum reading is projected to rise to 87.56 this week, up from 85.33 on March 18, showing that the ETF is becoming more overbought.

Investors looking to buy the consumer staples ETF should consider doing 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 $55.07, which is a key level on technical charts until the end of June.

Energy


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The weekly chart for the energy ETF is positive, with the ETF above its key weekly moving average of $60.39, but well below its 200-week simple moving average of $78.21. The weekly momentum reading is projected to rise to 75.41 this week, up from 66.74 on March 18.

Investors looking to buy the energy ETF should consider doing so on weakness to $54.40, which is a key level on technical charts until the end of 2016. Investors looking to reduce holdings should consider selling strength to $65.61, which is a key level on technical charts until the end of March.

Financials


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The weekly chart for the financials ETF is positive, with the ETF above its key weekly moving average of $22.17 and above its 200-week simple moving average of $21.06. The weekly momentum reading is projected to rise to 52.32 this week, up from 44.24 on March 18.

Investors looking to buy the financials ETF should consider doing so on weakness to $21.77, which is a key level on technical charts until the end of March. Investors looking to reduce holdings should consider selling strength to $25.20, which is a key level on technical charts until the end of March.

Health Care


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The weekly chart for the health care ETF is positive, with the ETF above its key weekly moving average of $67.39, and above its 200-week simple moving average of $57.90. The weekly momentum reading is projected to rise to 43.84 this week, up from 40.04 on March 18.

Investors looking to buy the health care ETF should consider doing so on weakness to $64.88, which is a key level on technical charts until the end of March. Investors looking to reduce holdings should consider selling strength to $73.64, which is a key level on technical charts until the end of June.

Utilities


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The weekly chart for the utilities ETF is positive but overbought, with the ETF above its key weekly moving average of $46.96, and above its 200-week simple moving average of $41.01. The weekly momentum reading is projected to rise to 88.05 this week, up from 86.77 on March 18, showing the ETF is becoming more overbought.

Investors looking to buy the utilities ETF should consider doing so on weakness to $45.58, which is a key level on technical charts until the end of June. Investors looking to reduce holdings should consider selling strength to $50.08, which is a key level on technical charts until the end of this week.

Technology

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The weekly chart for the technology ETF is positive, with the ETF above its key weekly moving average of $42.24, and above its 200-week simple moving average of $36.35. The weekly momentum reading is projected to rise to 70.38 this week, up from 60.46 on March 18.

Investors looking to buy the technology ETF should consider doing so on weakness to $35.69, which is a key level on technical charts until the end of 2016. Investors looking to reduce holdings should consider selling strength to $45.14, which is a key level on technical charts until the end of March.

Transports


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The weekly chart for the transportation ETF is positive, with the ETF above its key weekly moving average of $136.58, and above its 200-week simple moving average of $129.38. The weekly momentum reading is projected to rise to 78.48 this week, up from 70.02 on March 18.

Investors looking to buy the technology ETF should consider doing so on weakness to $136.24, which is a key level on technical charts until the end of 2016. Investors looking to reduce holdings should consider selling strength to $146.12, which is 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.