XLU (Utilities Select Sector SPDR) - 3-year bull trendline underpins further upside

XLU (38.65) broke above 38.45 (Jun 19 high) to confirm a base over 35.80 (Jun 21 low) near the 3-year bull trendline support (Aug 2011/Nov/Dec 2012 lows). While the gap low at 38.00 (Jul 10 high) and then the 200 day moving average currently at 37.25 support near-term dips, bulls are favored to extend the uptrend towards 39.45 (May 10 low). Further strength above there would open 40.54 (May 22 lower high) ahead of the YTD high at 41.44 (Apr 30).
However, falling below 37.25 would delay and expose the 36.51/35.80 key support zone (Jul 5/Jun 21 lows) for a retest.

Verizon (VZ) -- Potential 6-week range breakdown; Eyes 3-year bull trendline support area at 45-46

VZ ($50.24) has been consolidating under 51.69 (Jun 18 high) forming a triangle pattern. As both the RSI and Stochastics turned bearish, there is scope for the stock to test the 6-week bull trendline support currently at 50. A breakdown would confirm bear continuation and fuel further losses towards 48.81 (Jun 24 low). Below the latter would expose 47.77 (Jun 3 low). More weakness from there would open the key support cluster including 3-year bull trendline support (Aug 2011/April/2012/Jan 2013 lows) currently at 45.00, the 44.98/44.87/44.88 prior highs (Dec 2012/Jan/Feb 2013 highs) and the equality target (54.31/47.77 projected from 51.69) at 45.15.
However, an upside break above 51.69 would negate and confirm a higher low at 47.77, extending the broad uptrend towards 54.31 (Apr 30 YTD high) for a retest.

Commodities Index (CCI) foung support at 500 key level; Dollar Index (DXY) stalled at 3-year key resistance