Utility stocks are dropping hard today

Just a quick note that utility stocks are among the worst performing stocks for today. While most of the sectors were advancing today, utility stocks dropped 1.35% today. This is a good sign that this sector has indeed peaked and is like to drop further over the next few months. If you are truly considering to short XLU, is it a good time to do so? Purely from the technical point of view, it may likely be much better to wait. Here is why. XLU peaked around $41.44 and now is trading at $40.32. There is a good chance it will try to bounce back to test its resistance around $41 or so. This will technically creat double tops, a bearish charting formation,  and that is usually a good spot to initiate a short position. So, I'd wait for a few days to see if this indeed plays out as such before jumping in to start shorting it immediately.