UTIL Utilities 1-Minute Chart; Bulls and Bears Battle for the 763 Line in the Sand

UTIL took the pipe last week and begins this week soggy. UTIL starts at 771, dips to 766 then recovers back to 771. The 763 level, which is the closing weekly low from 15 weeks ago, and determines whether utes are in a weekly uptrend, and thus if the stock market is in a weekly uptrend, may get tested this week. Minutes ago, UTIL is 3 points away from this trap-door for the stock market so it is being tested now.

If UTIL 763 fails, it is over for the stock market. As soon as it would fail, if it does, the SPX will likely ditch 30 points within a half-hour of the failure. There may be some fun ahead. Bulls must keep UTIL above 763 so they can continue stumbling along trying to keep the bloated stock market elevated. 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.

Note Added 9:41 AM EST: UTIL 771. The SPX is down 16 points, -0.5%, to 3081.

Note Added 9:46 AM EST: Bulls and bears are now in hand-to-hand combat. Bulls took UTIL to 773 but the bears drag it back to 770 then whammo, blat, boof, like the old Batman television series, the bulls pump utilities back to 772. Bulls know the seriousness of the situation. All joking aside, if UTIL loses 763, you are going to see some ugly things happen. Keybot the Quant is long and tracking UTIL 763 as well as XLF 23.38 (now at 23.69). The stock market is in trouble if XLF loses 23.38. Bulls and bears are battling hard to begin the week. Each side already has bloody noses and lips. Which side will be left standing at closing time? Interestingly, sogginess in stocks occurs through the new moon which peaked on the weekend, which typically happens each month. It's another metaphysical thing us dumb humans do not yet understand.

Note Added 9:52 AM EST: UTIL 774. XLF 23.73. The SPX is down 9 points at 3089. The bulls are puffing their chests out saying they have things under control. Besides, Chief Sitting Bull, head of the Ute nation, says the Fed will always keep the party going providing plenty of easy money firewater.

Note Added 9:57 AM EST: UTIL 776. Bulls are celebrating while they pump the utilities higher which sends the stock indexes back to the flat line. Bulls say there is nothing to worry about so time for an early lunch with plenty of Fed wine on the menu today. The bears linger in the background and mumble to themselves that they are only 13 points from creating market mayhem and carnage; the bears hide in the shadows waiting for another opportunity to take utes lower and open the stock market trap-door.

Note Added 10:02 AM EST: UTIL tags 777, trip 7's. The bulls say this proves that they will always take stocks higher forever. Bulls are not taking any chances, however, and keep jamming utes higher. UTIL 778. UTIL 779.

Note Added 10:25 AM EST: UTIL 782. The bears hang their heads in sorrow while the bulls throw confetti.

Note Added Tuesday Morning, 6/23/20, at 3:57 AM EST: UTIL finishes the Monday session at 780. The battle continues with the bulls building a healthy separation from 763. This fight continues all week long so keep watching.

Note Added Tuesday Afternoon, 6/23/20, at 2:40 PM EST: UTIL slips back down to 772 only 9 points from the stock market trap-door.  LOD 770. The plot thickens. The SPX is up a 3150 after President Trump and Economic Adviser Kudlow pump equities with promises of more stimulus.

Note Added Wednesday Morning at 11:46 AM EST: UTIL failed at 763 shortly after 11 AM EST. The trap-door is open. See if it holds. The SPX is crashing 91 points, -2.9%, to 3040.