The dynamics among the 11 S&P 500 sector ETFs make investment strategies difficult to judge. You can't be bullish with energy negative, but bulls control 7 of the 11 sectors.
Diamonds ended last week with a negative weekly chart, while Spiders, transports and small caps were upgraded to neutral weekly charts, QQQ's has a positive but overbought weekly chart.
The dynamics among 11 S&P 500 sector ETFs are difficult to decipher. REITs, consumer-related, energy, utilities, technology have rising or overbought momentum, materials, industrial, financial, health care, transports do not.
The exchange traded funds Diamonds, Spiders, transports and small caps have been downgraded to negative, QQQ's remain positive but overbought, but could soon be downgraded as well.