I guess the post title says it all – – – to explain, XLU has been clobbered lately, but it is tagging its very long-term trendline, just as it did on that fateful day in mid-June which began Bear Hell.

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Here you can see the trendlines going back for decades and their relationship to all this price action. It’s either “bounce or break” time for the Dow 15 Utilities.

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