The $11.8 billion Technology Select Sector SPDR (NYSEArca: XLK) is known for having one of the largest ETF weights to Apple (NasdaqGM: AAPL). A 14.2% allocation to the iPhone maker is enough to shine the spotlight on any ETF, but over the near-term, it is XLK’s technical situation that merits consideration.

“After breaking out above the highs of its range on September 18, XLK pulled back into a logical support area, formed by convergence of the prior breakout level and rising 20-day exponential moving average (just above $32), wrote Deron Wagner of Morpheus Trading Group.

Wagner went on to note XLK should find support at its 10-week moving average on the weekly chart, which is around $32. He said XLK’s “pullback to the breakout pivot provides us with a low-risk buy entry and a positive reward-risk ratio.”

Positive technicals aside, shares of Apple are off more than 1% in the past month and the stock is down more than 12% this year. XLK’s fourth-largest holding, Dow component International Business Machines (NYSE: IBM), has not been much to write home about either with a year-to-date decline of almost 5%. [Tech ETFs Surging on Apple]

IBM is 6.2% of XLK’s weight. The ETF has gotten a lift from Apple’s bitter rival Google (NasdaqGM: GOOG), which is 8% of XLK’s weight. Apple and Google are vying for smartphone supremacy in the U.S. In August, the iPhone and smartphones running on Google’s Android operating system combined for U.S. smartphone market share of over 84%, according to Forbes. In China, the two operating systems combine for 93% market share. In Japan, the number is 96%.

On the fundamental side, XLK offers some utility as an income play that can offer some safety in rising interest rate environments. Not only did the ETF prove somewhat durable when Treasury yields spiked after the tapering conversation started a few months, technology is also one of the fastest growing dividend sectors in the U.S. [ETFs for Rising Dividends]