More importantly, next week's 15-week comparison number leaps higher to 498.03. The red box shows that for a 5-week period UTIL must remain at or above 500, otherwise, market negativity will result. Thus, watch the behavior in UTIL from mid-week on since if price moves up towards 500 to end the week, this says the market bulls are likely taking the SPX far higher to new all-time highs. A breakout above the sideways triangle at 492 would target 70 handles higher, 560-ish, and if this is occurring the SPX is obviously on its way to 1800.
On the bear side, if UTIL falls under the lower triangle trend line at 480-ish, 410-ish is the target. Price may tease for another week, playing coy and staying within the safety of the triangle and not making a decision to perhaps the following week. If UTIL is weak this week and drifts lower towards the 50-week at 483-ish, that will signal market trouble ahead. Next Monday morning (10/21/13), UTIL must be above 498.03 or broad market negativity will occur. Simply monitor the bull (492+) and bear (480-) triangle break out points, the 50-week MA at 483.79, and 15-week look back for this week at 477 and next week at 498, to forecast the directional affects on the broader indexes. 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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