The Utilities Select Sector SPDR Fund (XLU, Financial), a popular exchange-traded fund that tracks utilities stocks, is currently under technical evaluation using the DeMark method.
This analysis has identified a pivot high at $78.83 and a pivot low at $77.34. Investors typically interpret a breakout above the pivot high as a bullish signal, indicating potential upward momentum. Conversely, if the fund's price drops below the pivot low, it is often viewed as a bearish signal, suggesting possible further declines.
Market participants may want to closely monitor XLU's price movements around these levels to gauge potential trading opportunities based on these technical indicators.
