With Jerome Powell up at Jackson Hole assuring everyone that things are awesome, equities are having another record-high day. One area of weakness that’s very important to me is the Dow Jones Utilities, which is still painting out what I think is going to be a very important 4th top over the past decade. It’s a beauty, and if it finishes, look at below.
We made a baby step toward this goal by falling every single day this week, and for the first time all summer, we’ve actually managed to do some damage to that supporting trendline.
XLU
For the rest of equities, however (represented by the Russell 2000 below), it’s up, up, and away.