UTIL utilities five minute chart today shows the huge opening spike this morning, recovering the all important 409.60 level. DUK earnings excited the ute sector before the open. After the spike to 413 at the open, the rest of the day it faded away slowly, creating a descending triangle, but it would not fall below the base line at 410.5.
Just before the close the utes actually jumped above the top rail of the descending triangle. Since the utes were back above ther 409.60, the broad markets were ready for more rallying. Watch tomorrow morning to see if any weakness shows up in the utilities. From 413 to 410.5 is a difference of 2.5 so if the 410.5 level is broken after the open tomorrow, the 407-ish level would be a target and this happens to be nice horizontal support from Wednesday afternoon. The broad market bulls remain in control as long as the utes stay above 409.60 tomorrow. This information is for educational and entertainment purposes only. Do not invest based on anything you read or view here or any links connected to this information. Consult your finanical advisor before making any investment decision.
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