The iShares Industrial Select Sector SPDR Fund ETF ( XLI) is one of 11 sector ETFs. Its future course of direction can be key to the stock market's overall health. Let's check out the charts and indicators. 
In this daily bar chart of XLI, below, we can see that prices have rallied smartly from a late September low. Prices have rallied above the still declining 50-day moving average line and the XLI is approaching the underside of the declining 200-day moving average line.
The On-Balance-Volume (OBV) line made a low in July and a slightly lower low in October. The September high on the OBV line has not (yet) been broken.
The Moving Average Convergence Divergence (MACD) oscillator is crossing the zero line now for an outright buy signal.
In this weekly Japanese candlestick chart of XLI, below, we can see a mixed picture. XLI is still in a longer-term downtrend as prices are still below the declining 40-week moving average line. The weekly OBV line shows weakness over the past twelve months. The MACD oscillator made a higher low and is close to a cover shorts buy signal.
In this daily Point and Figure chart of XLI, below, we can see an upside price target in the $113 area but there is plenty of overhead resistance.
In this weekly Point and Figure chart of XLI, below, we can see the same $113 price target as the daily chart (above).
Bottom line strategy: Is the glass half full or half empty on the XLI? I don't know but this has a simple solution - wait for more evidence.
