Utilities, as reflected by the action of the ETF XLU, have declined more than 8% from the peak reached at the and of January.
They are now at an important support level (see red dotted line). Click on the chart to enlarge it. The main reason is that above average trading volume appeared during the decline. It suggests XLU is much closer to a bottom than a top.
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George Dagnino, PhD
Editor
The Peter Dag portfolio
Since 1977
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