Here's another example of a flat 75 day LR30 pattern that may have some potential as a butterfly play. Unfortunately, XLP shares some of the same option drawbacks as its SPDR counterpart XLU (as detailed last Friday) . . .that is, low volume, wide spreads and limited option exchange participation.
From a strictly technical standpoint, the short term chart of XLP looks almost bullish, with the envelop channel in the lower panel on an ascent and the STO and RSI poised to turn up (maybe).