The Utilities SPDR (XLU) broke down as the 10-year Treasury Yield ($TNX) moved back above 2.8% on Monday. XLU was already in a downtrend after the lower high in July and mid August breakdown. After stalling with a pennant, the ETF broke pennant support to signal a continuation lower. The price relative (XLU:SPY ratio) is also trending lower as XLU shows relative weakness.
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The stock market may be setting records, but you deserve a breather this weekend. While you’re sipping your iced tea, take just a couple of minutes to explore the brand-new navigation menu on StockCharts.com. It’ll make your next charting session a breeze. What’s different (and better)... READ MORE
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