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If there’s been one sector that’s been a consistent powerhouse ever since the depths of the financial crisis, it is the one probably considered the most humdrum and boring by the public: utilities. I mean, how many people can get excited by an electric company versus, say, GoPro? But one glance at the chart below proves the case – – utilities are up about 170%, throwing off dividends the entire time, and now have exceeded even their long-term ascending channel.
Another day, another lifetime high, eh, folks? For the Russell 2000, which I think has been the most interesting big domestic index this year, we are again at a make-or-break point with respect to its own reversal points.
Apart from Wednesday the stats for the trading days this week have been very bullish and the most historically bullish day of this week is today. Notwithstanding that, the close on Wednesday looked bearish and if we should see a break back below 2082 then I would have a modest double top target at 2076.5. Regardless of that though the stats for today are so bullish that I’d be expecting a very likely close up from Wednesday’s close at 2082. SPX 60min chart:
Here’s an upside-down view of the Dow 30. If price was really in downtrend, what do you think would happen next?
The Momentum indicator is not yet confirming its latest swing “down,” nor its all-time “low” made on December 24th.
You decide…
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| Upside-Down View of Dow 30 Daily Chart |
