XLU Utilities making a clear statement to Sellers.

BATS:XLU   SPDR Select Sector Fund - Utilities
Utilities (XLU) almost hit this month the Higher Lows trend-line that has been holding for exactly 21 years (since October 2002) and immediately responded with a strong rebound that has already turned the 1M candle green. All this price action taking place in less than 2 weeks, which indicates considerable market movement.

Amidst of all that, it broke below the 1M MA100 (green trend-line) for the first time since the COVID crash (March 2020). If it manages to close the month above it, it will be a strong statement towards all direction that the sector considers this level a Support and possibly the end of the Inflation Crisis.

Watch closely and you will see that this and the COVID crises are connected with a Higher Highs trend-line, similar to how the DotCom and Housing crises where in the 2000s. Technically this is a straight Higher Highs trend-line that connects all Highs and places the last 21 years of market into a Mega Rising Wedge pattern.

The 1M RSI is on a Lower Lows trend-line, which indicates a natural deceleration of the trend but as long as it holds, it sustains it. And right now it is exactly on that trend-line.

Do you think this can be a strong message to sellers?


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