XLU broke below the 3-month range (as shown on the daily chart) to reach a new 8-month low at 42.37 (June 9, 2015), near the 76.4% retracement of the 40.07/49.78 rise before consolidating. Scope remains for further weakness towards 41.90 then 41.40 support levels, and possibly the 40.07 reaction low (August 6, 2014). The 43.98 resistance should cap near-term gains. A break above there would open the 44.98 lower top area near the 200 day moving average. Outlook: Short term: bearish Long term: bearish