As U.S. equities have pulled back sharply year-to-date (YTD), the benchmark S&P 500 ETF (NYSEARCA: SPY) has fallen nearly 8% from its 52-week highs. However, specific sectors have held up better than others during this market turmoil.
One such sector is Utilities. While it outperformed the broader market for much of last year, it has declined just over 5% from its 52-week highs as of Friday’s close. From a technical perspective, it remains in a consolidation phase above a rising 100-day simple moving average (SMA) and other shorter-term SMAs, suggesting that bulls are still in control.
