Here is an interesting chart I've posted before showing the XLU as a ratio vs SPX (defensive utilities versus market) and the SPX is also shown here. If you follow the logic, market participants seek safety and more defensive holdings and sell the market in scary times. They sell their defensive stuff and go into the market when they are bullish leading to a decline in the XLU:SPX relationship.
We appear to see a turn here where investors have begun looking for safety instead of a face-ripping rally. Hope Joe 6 Pack didn't get all in last month.