Utilities falling under the 50 week MA but not holding. If this holds for several minutes it opens the trap door for the markets. Watch $UTIL 417.80. UTIL now printing 418.49. Big trouble for indexes if the 417.80 is lost. 418.07.........watch it..........
Note Added 10/5/11 at 10 AM EST: UTIL failed at 9:54 AM, dropping under 417.80. It looks like it should hold for over seven minutes, so the indexes should drop large in short order--as long as UTIL stays under 417.80.
Note Added 10/5/11 at 10:11 AM EST: UTIL regained 417.80 to stop the potential market slide. Here we go again now.........UTIL 417.74, failure again, see if it holds..........
Note Added 10/5/11 at 10:28 AM EST: UTIL regains 417.80, the soap opera continues. Now back below, last print 417.42. If UTIL will commit to staying under 417.80, the broad markets should tumble. If UTIL stays above 417.80, the markets will continue along with this sideways malaise. Last print 417.11..........bears favored...........
Note Added 10/5/11 at 10:37 AM EST: UTIL back above 417.80, quite a drama today. Price shooting upwards now, 418.63...the bears cannot keep UTIL under 417.80--so far.
Note Added 10/5/11 at 11 AM: Bulls are running. UTIL now above 417.80 for about 20 minutes stopping any market slide. UTIL now printing 420 so staying above the danger zone, but remaining in the 418-424 range.
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