why the DJ Utility Index formation is important

back in April 2014 (http://bartscharts.com/2014/04/19/dow-jones-utilities-long-term-1942-price-pattern/) we ID’d a long term pattern that was completing.  the market subsequently went up into Jun/Jul and hit the target.  now it appears we “might” be carving out a Head and Shoulders Daily topping pattern.  Note, this same pattern came into play on a MONTHLY basis during the 2007-2008 time frame.

the reason we are watching this closely is because of the presence of this long term topping pattern that has hit and held, thus far.

Author: BART

BART is a CMT and an expert a "advanced" pattern recognition used w/in the intermarket analysis discipline. He's also an accomplished Business Development Executive providing solutions to a myriad of business markets. View all posts by BART