Two key levels exist when using the utilities as a market forecasting tool. First, the 50-week MA, now at 480.83, and second the weekly close 15 weeks ago, which was 477.91. The failure at 480.83 at the opening bell immediately signaled market troubles ahead. The rupture of 477.91 quickly followed and opened a trap door for the broad indexes. The dance along 477.91 continues all day long so the broad market, the SPX, did not break down through 1600, yet. If UTIL stays under 477.91 tomorrow, sub SPX 1600 is a given.
The importance of the 477.91 is obvious and not a coincidence. The ole-timers follow the utilities closely and many algo's use the two parameters described above. Price crossed the 477.91 eight times in the last one-half hour of trading. The markets know that if a firm break and failure occurs at 477.91, markets will tumble far lower. Place UTIL 477.91 at the top of the list for tomorrow since it will dictate market direction. This information is for educational and entertainment purposes only. Do not invest based on anything you read or view here. Consult your financial advisor before making any investment decision.
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