Analysis: XLI

With the highs in place above $100, the Industrial Select Sector SPDR Fund   (XLI)  ETF has made a steady decline for all of 2022.

This tends to mirror the Dow Industrials, which has similarly had a very bad year. Some support exists for XLI below at the $80 level, and then more gap support around $64.

The indicators are bearish, notice that the RSI and money flow continue to show weakness. Their downtrend lines are in place.

Moving averages are bending lower too, and that means resistance is all over the place. When this stops falling and builds a base then the bulls will have something to work with.

For now, the trend is down.