The broader market rally that kicked off 2019 with a bang is starting to show signs of slowing.
Last week, for the first time since 2016, all three major indexes closed lower every single trading session. Markets were inching higher Monday. One top technician says now might be the time to look for a big payoff in one of the markets' safest spaces.
"I think utilities are one of the places you want to be," Cornerstone Macro head of technical analysis Carter Worth said Friday on CNBC's "Options Action."
The S&P Utilities ETF, the XLU, has drastically outperformed the broader S&P 500 during the past year — gaining nearly 17 percent compared with a flat S&P 500. Worth says that, given falling bond yields all over the world, now could be the time to move assets into a part of the market that is making fresh all-time highs.
"The S&P Utilities are making new highs, S&P 400 Utilities are making new highs, and here — to talk about how mechanical it is — this is the entire past decade. … Look how much of an uptrend it actually is. [The XLU] has literally come and touched this line over and over and over as though it's on some sort of autopilot," Worth said.