The ratio of the Dow Jones Utilities/SPX is approaching a key zone of support. If the ratio resumes the trend higher off the June '18 lows, this would be suggestive of a negative outlook for US equities and likely risk assets in general.
A sustained move below this zone of support and we can start looking toward an improving outlook for US stocks.
I'll be keeping a close eye on this as a guide for upcoming direction and therefore positioning.