The last pair is of Materials Select Sector SPDR ( XLB) over S&P Equal Weight ETF. This pair has shown clear relative weakness in recent weeks. Although equities as a whole didn't fall with commodities and lower inflation expectations, the material sector did. Tepid industrial production and fear of falling global demand hurt the sector. This pair appears to have hit a bottom, and with a looming breakout in XLB, relative strength could propel materials into the mid-40s. This cyclical sector is one to watch as equity markets push toward new highs. At the time of publication the author held no positions in any of the stocks mentioned. This article is commentary by an independent contributor, separate from TheStreet's regular news coverage.