Markets began the week on a quiet note Monday with the major benchmarks hugging the UNCH line. The Nasdaq made it 7 winning sessions in a row, albeit barely, and it will be crucial to see how it acts here right at a double bottom breakout trigger. All seems fine with the S&P 500 as it digests its recent bull flag breakout. The Russell 2000 outperformed today with the index rising .2% and today CLOSED above a bull flag trigger of 1430. The bulls seem to be back in charge and individual leading names which have broken out as of late are offering additional add on buy opportunities which is very bullish behavior. Looking at sectors that acted firm Monday it was led by the defensive utilities with the XLU adding .5%. The ETF sports some distribution with the 3 week losing streak ending between 6/23-7/7 falling by a combined 5% and a potential bearish head and shoulders formation is taking shape. Or is it just successfully retesting an extremely taut period of 11 of 12 weeks finishing with 50 or 51 handle, with the lone 50 handle close ending 3/10 ending at 50.96? I think there are better fish to fry and technology, which just is coming out of a brief hibernation is a good place to start looking. The XLK is either the best performing individual sector on a one, three and six month and one year period. Below is the chart of ST which recently took out a bullish inverse head and shoulders pattern and is now flirting with a weekly cup base trigger of 45.40, a level not seen in 19 months.

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