The year's worst-performing sector is suddenly staging a bit of a turnaround.
The utilities sector, which has fallen more than 9 percent this year, has managed to find nearly 2 percent of upside in the past week. But some traders aren't holding their breath for further gains.
Craig Johnson, head of technical analysis with Piper Jaffray, calls the turnabout "nothing more than another relief rally."
Examining the chart below of the SPDR utilities sector ETF (XLU), Johnson notes that the 200-day and 50-day moving averages are both in decline, with the shorter-term smoothing mechanism recently falling below the longer-term one. Johnson calls that a "negative sign" of increasing momentum to the downside.