A decline in utilities $Utilities Select Sector SPDR Fund(XLU)$ can be seen as somewhat bullish for the $.SPX(.SPX)$ , depending on the broader economic context.
Utilities are generally considered defensive stocks, meaning they tend to perform well during economic downturns.
A decline in this sector may indicate that investors are more optimistic about the economy, shifting their focus to more cyclical sectors like technology and consumer discretionary.
However, if the decline is due to rising interest rates or other negative factors, it could signal underlying economic troubles.
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