Utility ETF Signaling Near-Term Low In Progress...

My near-term work on the Utilities Select Sector SPDR ETF (XLU) indicates that yesterday's unconfirmed, new-corrective low at 42.21 followed by an upside reversal, with follow-through strength this morning argues strongly that a near-term low has been established-- and that a recovery rally is in progress that projects into the 44.00 area.

That said, however, XLU needs to do considerable work to form an intermediate-term bottom, which will require a base-building period between 42.00 and 44.00 ahead of what should be the initiation of a multi-month rally period.