I’ve been watching ($XLU) the utilities for a few weeks now as they were the safety trade while small caps and tech corrected. Yet the similarity to 2013 is eerie and hence I keep watch their behavior.
Today markets are bouncing ignoring global weakness yet $XLU keeps steadily following the 2013 script which foreshadowed a quick correction in the May/June time frame:
The week is young still, but key weekly MA’s look broken as of today.
Categories: Daily Market Brief