XLU - you know you are in trouble when Utilities are down 5%

XLU (Utilities ETF) is down 5% on the day.... a sign that the market is in trouble....but but.....One could argue that this is "throwing the baby out with the bath water" type of investor behaviour....ie a potential puke indicator to be followed by a rebound
Having said that the major uptrend since the GFC doesnt have big support until 53-54 area (another -10% lower)