Utilities and Telecom -- Market Leaders?

Two sectors that pretty much never lead the way during a bull market have done just that over the past couple of weeks.  While the market as a whole hasn't necessarily been on fire, it has made a series of new highs recently, and during this time, the Utilities and Telecom sectors have shown considerable relative strength.  As shown in the two charts below, both sectors are now well above their 50-day moving averages and trading in overbought territory.  Utilities and Telecom are both considered very defensive sectors, so the fact that investors have really been cycling into these areas has to be a bit concerning for the bulls.

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