Keystone has been harping on the utes for the last 3 months. Utilities falling into a weekly downtrend and also losing the 50-week MA opens the door to bad things (crash) for the US stock market. Be very afraid.
UTIL, or DJU, has crashed -19% over the last 3 months and -13% over the last 3 weeks. The weak utilities places the stock market into a crash profile going forward. Conversely, analysts, pundits and investors keep predicting SPX 4600-5000 by end of year. This is why Keystone is never invited to any fancy dinner parties. That, and he also eats with his hands.
Interestingly, note how the utilities were well bid during the COVID-19 pandemic as traders seek perceived safety (upward-sloping green channel). Then, as the pandemic peaked at the end of last year and start of this year, morphing into the endemic phase (covid is now like the regular flu), utilities begin the long trek lower (downward-sloping red channel) leading into the recent collapse.
Oh my. NEE is on its knees losing -9% yesterday and crashing from 67.5 to 50.0, a -26% crash, in only 6 days. NEP crashes from 48 to 24, a -50% crash, over the last month. That will teach you to invest in those garbage ESG and climate change companies. 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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