Nevertheless, the overall trend is remains positive for XLU. While the sector and ETF could pullback over the short term, the asset still maintain its forward momentum.
“Even if it does revert back to that prior trend, we would have to remain positive just on this ongoing growth that the chart is describing,” Pytlar added. “But it’s not something we would be buying at these prices today, either.”
Utilities Select Sector SPDR
For more information on the utilities sector, visit our utilities category.
Max Chen contributed to this article.