[malaguti]

XLU has 85% of its stocks above the MA and is still negative Relative Strength

Yep, it rarely outperforms the S&P 500, as Utilities tend to have low percentage moves in general. Hence why it's considered a safe defensive play normally, for low returns, but higher dividend payments. When it leads the relative strength, then the market is normally in trouble. You want to see the cyclical sectors like Consumer Discretionary, Financials, Industrials and Technology leading the relative strength rankings. That's the sign of a Stage 2 bull market imo.

Interesting, never thought of it like that.