After a steep sell off, the Utility Sector (UTY.X) has rallied 39 points, or 12%. Since almost every other sector is negative, investors may be looking for a safe haven in defensive utilities.
Utility Sector Daily Chart
Today prices have managed to climb above the 61.8% retracement bracket, as well as the 50 and 200-day moving average. UTY has dropped below the 200-day moving average twice in the past nine months, but has managed to quickly bounce back each time. UTY has also broken the downtrend it has been in all year. As long as the rest of the market continues to sell off, UTY could continue to see some buying and push prices to the 380 level. If and when we get a reversal, I would expect to see to see this index quickly reverse.