While the rest of the materials space is deservedly eschewed by market players at the moment, the chemicals are exuding impressive relative and even absolute strength. Indeed, overlooked during the many events which occurred on Tuesday was DuPont’s positive reaction to earnings. Recall this blog post two weekend’s ago where I noted that $52 was the upside trigger I was observing here for a long-term breakout.
Below, you will find an updated weekly chart of DuPoint, displaying a multi-year breakout.
I will be back a bit later tonight with other ideas to have in mind in the chemical space.