It's all over but the cryin'. Irene, goodnight, goodnight Irene as Leadbelly would sing to his honey. The utilities have failed in a big way. UTIL needed to rally above the 939 palindrome this week (blue circle) but has failed miserably. Next week, UTIL must be above 972 (purple circle). The 50-wk MA at 976 is also uber important and it has basically been in failure mode since September. The trap-door for stocks has now opened with the failure of the 15-week lookback weekly trend (flips from an uptrend to now a downtrend bad news for stocks).
THE FAILURE OF THE UTILITIES PORTENDS THAT VERY BAD THINGS ARE GOING TO HAPPEN TO THE STOCK MARKET GOING FORWARD. In decades past, the failure of stocks would follow utes from zero to 8 weeks out. Since the markets have been chop suey for a few weeks, the time frames appear compressed, so the failure in stocks would be expected sooner rather than later.
If you are long any stock, you must immediately decide if you are willing to keep it for 5 or 10 years. If not, you would be wise to dump it.
UTIL is testing the 200-wk MA long-term support at 893 so it would be a big deal if this failed guaranteeing stock market carnage ahead. For the weeks ahead from 3/6/23 into April, UTIL has to jump all the way back up to 975-ish and higher and remain there. That would be a sight and obviously not expected. Utes remain at that 50-wk MA flatline for about 8 weeks so the utilities will likely remain in complete failure for the next month or two. THIS IS EXTREMELY OMINOUS FOR THE STOCK MARKET.
Exciting times. Respect the utilities ominous warning. It's All Over Now, Baby Blue. 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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