Materials Sector approaching critical highs

Within the US sectors space, we are seeing continued strength and outperformance (relative to the SP500 Index) in Energy, Financials and Industrials.

However, there are early signs of improvement now appearing in the Materials sector, as prices extend the break above the 310.18 high of August. Focus is now on the 327.33 contract high of 2015, and whilst consolidation is likely to appear beneath here, expectations in the coming months are for a break, as momentum studies continue to improve and our proprietary Tension Indicator (not shown) also strengthens.

The anticipated break higher will be delayed if prices close below 310.18, but downside risks are expected to remain limited as investors move towards a buy-into-weakness strategy.

A later post will highlight specific US stocks which we believe will benefit from this development.
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