Since the April highs, the XLU (the Select Utility Sector Spider) has been the leading sector while the XLF (the Select Financial Sector Spider) has lagged. The relative strength comparison has ticked up as of late, but remains entrenched within a bearish downtrend. Consequently, a break of trendline resistance would confirm a resumption of the bullish campaign that originates from the March 2009 trough. This would trigger the S&P 500 to break key resistance near the 1100 region back towards the April highs.
STRATEGY: LONG S&P 500 at 1056, risking 1039, targeting 1100
