XLU broke down below the primary uptrend line last week, hit & bounced right off my S1 (78) support, as expected as that was the initial tag from above, & closed on a backtest of the uptrend line yesterday and continues to backtest it today.

Ideally, for the short trade, XLU will… A) not close solidly back above the uptrend line and.. B) will get rejected off it and… C) will go on to break below S1, thereby opening the door to the price targets.

I just took a look at the daily chart of the $HSI and just can’t make heads or tails of it so I really can’t render any sort of useful opinion on it at this time although feel free to bump me again later.