Here is the Dow Utility ETF, symbol XLU, whose explosive rally over the past few months have put it just below the dashed line.
![](https://slopeofhope.com/wp-content/uploads/2024/05/slopechart_XLU-2-640x345.jpg)
What that dashed line represents is the midline of a multi-decade (yes, decade) channel. I’d say that is significant resistance.
![](https://slopeofhope.com/wp-content/uploads/2024/05/slopechart_XLU-1-1-640x345.jpg)
Or, as Scamath Charmath would say, XLU is “below my line.”
![](https://media.cnn.com/api/v1/images/stellar/prod/220118084028-golden-state-warriors-minority-owner-uyghurs-interview.jpg?c=16x9&q=w_1280,c_fill)