Utilities Sector Update for 03.01.2008

SELECT SECTOR SPDR UTILITIES SECTOR ETF - XLU

Monthly chart shows increasing selling presssure with a break of the up trendline in place. No buy signal/pattern evident on this timeframe. Look for continued weakness and selling pressure. First possible support is at the LIS and prior resistance of $34.70 area. Let's see if "old resistance becomes new support" or not. It might be short term support, but will most likely break.

Weekly chart shows more enthusiastic selling the past week, with a test of the current low highly likely.

Daily chart shows price below all key moving averages and heading towards a test of the current low.