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Earlier this week the Power of the Pattern shared that Utilities had almost doubled the performance of the S&P 500 and they were making a bearish rising wedge up against a trio of resistance. Reflecting that Utilities could run out of energy and impact the broad markets! (see post here)
The above two-pack reflects that U.S. and Global utilities broke below key support levels very hard yesterday, reflecting a good deal of selling, almost to a panic stage!
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The bigger picture look at Utilities reflects the potential for a “Double Top” and a fresh breakdown in a multi-year rising wedge pattern at (2).
One index is not the holy grail of signals for sure, do keep an eye on this index because it can send quality signals about the bigger picture and this one could be rather important!
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