The stock market has been rallying since the fourth quarter began, and gains have continued following the Oct. 27 to 28 Federal Reserve Opening Market Committee meeting. The 10 sectors of the market are showing an eclectic mix of chart patterns that makes asset allocation decisions difficult. All 10 sectors fell into correction or bear market territory, then began to rally in the fourth quarter.

Technical analysis can help investors make decisions about how to trade this volatile market.

Here's the performance table of the 10 stock market sectors using exchange-traded funds.

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Let's look at the daily charts for 5 sectors that deserve to have equal-weight or overweight ratings.

The Materials Select Sector SPDR Fund (XLB) - Get Report closed Wednesday at $45.44, up 13.8% so far in the fourth quarter, and down 6.5% year to date. This sector remains in correction territory -- 13% below its all-time high of $52.22 set on Feb. 25. Here's the daily chart.


Courtesy of MetaStock Xenith

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The horizontal lines are the Fibonacci Retracement of the year's range from high to low. With this ETF trading just below its 50% retracement of $45.52, the materials sector gets an equal-weight rating, up from underweight. Above is the 61.8% retracement of $47.10. Below is the 38.2% retracement of $43.93.

Investors looking to buy XLB should place a good till canceled limit order to buy the ETF if it drops to $43.03, which is a key level on technical charts until the end of 2015.

Investors looking to reduce holdings should place a good till canceled limit order to sell the ETF if it rises to $50.95, which is a key level on technical charts until the end of 2015.

The Energy Select Sector SPDR Fund (XLE) - Get Report closed Wednesday at $70.76, up 15.6% so far in the fourth quarter, and down 10.6% year to date. This ETF remains in bear market territory -- 30.3% below its all-time high of $101.52, set on June 23, 2014.


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The horizontal lines are the Fibonacci Retracement of the all-time high and the Aug. 24 low. With this ETF trading above its 23.6% retracement of $68.80 and its 38.2% retracement of $75.07, this sector gets an equal-weight rating.

Investors looking to buy XLE should place a good till canceled limit order to buy the ETF if it drops to $64.73, which is a key level on technical charts until the end of November

Investors looking to reduce holdings should place a good till canceled limit order to sell the ETF if it rises to $77.67, which is a key level on technical charts until the end of 2015.

The Financial Select Sector SPDR Fund (XLF) - Get Report closed Wednesday at $24.38, up 7.5% so far in the fourth quarter, and down 1.4% year to date.


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The horizontal lines are the Fibonacci Retracement of the 2015 high to the 2015 low, ignoring the Aug. 24 out-of-bounds low of the flash crash. With this ETF trading above its 61.8% retracement of $24.23 this sector gets an underweight rating down from equal-weight.

Investors looking to buy XLF should place a good till canceled limit order to buy the ETF if it drops to $22.19, which is a key level on technical charts until the end of 2015.

Investors looking to reduce holdings should place a good till canceled limit order to sell the ETF if it rises to $26.46, which is a key level on technical charts until the end of 2015.

The Utilities Select Sector SPDR Fund (XLU) - Get Report closed Wednesday at $44.16, up just 2% so far in the fourth quarter, and down 6.5% year to date.


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The horizontal lines are the Fibonacci Retracement of the 2015 high to the 2015 low. With this ETF trading just below  the 38.2% retracement of $44.24, this sector gets an overweight rating up from equal-weight, favoring the solid dividend yield.

Investors looking to buy XLU should place a good till canceled limit order to buy the ETF if it drops to $41.85, which is a key level on technical charts until the end of November.

Investors looking to reduce holdings should place a good till canceled limit order to sell the ETF if it rises to $46.93, which is a key level on technical charts until the end of 2015.

The iShares Transportation Average ETF (IYT) - Get Report closed Wednesday at $146.63, up 4.8% so far in the fourth quarter, and down 10.6% year to date. Transports remain in correction territory -- 12.6% below the all-time high of $167.80 set on Nov. 28, 2014.


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The horizontal lines are the Fibonacci Retracement from the 2014 high to the 2015 low. With this ETF between its 39.2% retracement of $143.39 and its 50% retracement of $148.05, this sector gets an equal-weight rating up from underweight.

Investors looking to buy IYT should place a good till canceled limit order to buy the ETF if it drops to $141.41, which is a key level on technical charts until the end of 2015.

Investors looking to reduce holdings should place a good till canceled limit order to sell the ETF if it rises to $150.35, 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.