The Utilities Select Spider (XLU) settled lower for the 4th time in 5 sessions following the intraday pullback to $63.70. Upper support at $63.50-$63 held. A close below the latter would be an ongoing bearish signal with downside risk towards $62.50-$62 and the 50-day moving average.
Lowered resistance at $64-$64.50. A close back above the latter would signal a return of strength for a retest towards $65 and fresh all-time highs.
RSI is in a slight downtrend with support at 50. A move below this level would signal additional weakness towards 45-40 with the latter representing the early August low. Resistance is at 55-60.
