Risk appetite (rates + risk)
XLF/XLU · One of the nine sensors MacroLens watches daily.
What it measures: Banks vs. utilities
How to read it: Rising = investors choosing growth-and-credit over safety-and-yield
Why investors watch it: Banks thrive on confidence and healthy credit; utilities are where money hides — the ratio is a clean fear/greed gauge tied to the rate outlook
Currently bullish — held 6 trading days. Banks have been outpacing utilities — money historically leans this way when confidence in growth and credit is high Last change: Jul 1, 2026.
What would flip this reading: This reading shifts toward neutral as it crosses its 21-day average (1.2); today it sits 2.5% away.
Flip history
| Date | Change | Reading |
|---|---|---|
| Jul 1, 2026 | neutral → bullish | 1.22 |
| Jun 24, 2026 | bullish → neutral | 1.18 |
| May 28, 2026 | neutral → bullish | 1.15 |
| May 27, 2026 | bullish → neutral | 1.14 |
| May 16, 2026 | neutral → bullish | 1.16 |
History of state changes only — not a prediction, and not a claim about what followed. Data via Yahoo Finance.