Like every other equity on the planet, the Dow Utilities have been flying higher since late October. Kindly note not just one, but two, horizontal lines at present price levels. Those are important!
Specifically, they represent Fibonacci retracement levels from two separate retracement sets. It’s remarkable to me that they just happen to be at almost exactly the same price point. You can see below, by way of the green arrows, how prices used these Fibs as support, anchoring their ascent. My contention now is that it’s going to reverse Real Soon Now ™.
I sure hope so. My March puts are counting on it! Happily, they’ve got 99 days left on them, so there’s some breathing room here.
