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In the midst of a generally strong market, one sector which is especially – – and relentlessly – – strong is Utilities. Below is the Dow Jones 15 (better known as the Utility Index), and even over the course of the past decade, it has steadfastly marched within its ascending channel, and the most recent four years with an even more pronounced angle.
It’s been an absolutely explosive rally today, and as of this moment, we’re getting dangerously (or tantalizingly, depending on your perspective) close to a breakout, where that line is drawn.
Good morning, everyone, and welcome to Wednesday. In spite of another everything-is-green nighttime session, I continue to beat my XLF drum, as I consider it a critically important chart to track. This ETF, which represents financial stocks, continues to grind its way through what I contend is a momentous (albeit glacially-slow) topping pattern.
SlopeCharts has had intraday charts for a while (accessible to Silver, Gold, and Diamond members). We have rolled out some very important improvements, however.
The dropdown menu next to the symbol entry lets you choose Daily, Weekly, Monthly, Quarterly, or Yearly charts, but the “I” lets you choose Intraday.
I was looking at the likely reversal back up on Friday morning and obviously we have seen that. ES/SPX have since broken back strongly over the multiple resistance levels in the 2660-70 area, weekly and monthly pivots, daily middle band 5dma and 50 hour MA. So now what?
Well in the short term a retracement seems likely and in my premarket video this morning at theartofchart.net I was projecting an ideal path of a higher high (over 2799 ES Jun) setting up a possible 60min sell signal on ES. Ideally ES would then retrace back to the monthly pivot at 2765 ES (2760 SPX) before either breaking back down through that into lower lows, or (more likely) finding support and retesting the rally highs in what would probably be the second high of a double top setting up a larger retracement into the low 2600s.
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