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.