The_Unwind
Short

XLU / S+P Utilities SPDR ; Potential Bearish Reversal

AMEX:XLU   SELECT SECTOR SPDR TRUST AMEX UTILITIES SELECT INDEX
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XLU , S+P Utilities SPDR gapped down on the OPEN on 8/8, trading below the 7/6/18 High of 53.29,
and reentered the prior price area after breaking above it on the 2 Hour Chart in recent days.

Price should not have done that.

The implications are bearish , leaving behind
what appears to be a Head, in a H+S Reversal Pattern. Too early to tell.

In order to reestablish its prior bullish chart pattern, price MUST rise above the 7/6 High of 53.29
Failure to do so, would only enhance the bearish implications of the 8/8 OPEN.

Daily RSI is still above 50, so there is still time to do that.

THE_UNWIND
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