Market technician Chris Kimble takes a look at the Utilities Select Sector SPDR (XLU) over the past three years with some thoughts about the implications for the broader market.

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Chris comments: One of the larger relative strength moves from a defensive sector has taken place of late: Utilities have done really well compare to the broad market, gaining almost 5% more than the S&P 500 index in a matter of weeks.

Now XLU has broken its steep rising channel support line.

Should we be concerned since "Utilities seem to be losing Power"? Will monies move from this defensive sector back to risk plays or to cash? The answer to this question will tell us much about the next sizeable move in the broad market.