Trend break to the downside and forming a bear flag instead of a retest of previous support. Monthly lower high set. Bearish crossover on the MACD. And rolling blackouts across the nation as a massive freezing snowstorm forces people to use heaters indoors. Short.
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Officially a head and shoulders breakdown. You heard it here first, folks!
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Yeah the way this is playing out is pretty interesting. I would recommend loading up on SDP (UltraShort Dow Utilities Sector ETF) or selling puts whenever this bounces.
To be honest I don't like how overweight NEE is in XLU, so maybe RYU (Equal Weight S&P Utilities Sector ETF) is more representantive of this idea that the best performing sector of Q4 is now being rotated out of.