Chemicals Scan — October 23, 2026 Close
Chemicals Scan — October 23, 2026 Close
Chemicals split on Friday along the feedstock line: Dow ($DOW, +2.51%), LyondellBasell ($LYB, +1.65%) and DuPont ($DD, +1.07%) rose while the coatings makers Sherwin-Williams ($SHW, -2.48%) and PPG ($PPG, -2.19%), Ecolab ($ECL, -1.29%) and the industrial-gas pair slipped, six of nine down on a day the S&P 500 ETF lost 0.52%. Underneath, the month is strong for every name (all nine positive over thirty days, Dow +13.82%), seven of nine now sit above their 200-day averages (Dow joined after its October 22 beat, 0.5% over its line), and two names are extended: Dow at RSI 73.5 and Linde ($LIN) at 70.7. Air Products ($APD, +20.48% over one year, 6.3% over its line, 2.45% off its high) remains the cleanest long trend.
Data as of the 2026-10-23 close for all nine tickers, including the materials fund ($XLB), from the desk's chemicals summary (Polygon bars). Comparison: the October 16, 2026 scan.
Quick Snapshot
| Signal | Reading |
|---|---|
| Overall | 🟡 Strong month and a wider cushion over the 200-day lines, but Friday split three up and six down and the group's RSIs are higher than a week ago |
| Leaders | Dow (best week, +8.95%, and best month, +13.82%; reclaimed its 200-day on a Q3 beat); LyondellBasell (+41.96% over one year, alpha +28.83); Air Products (strong-up, golden cross, nearest to a 52-week high); DuPont (+33.82% over one year, strongest seven days after Dow's) |
| Laggards | Sherwin-Williams (worst Friday, weakest one-year return at +1.6% and worst alpha, -11.53); PPG (under its 200-day, news pull failed); Ecolab (the only name down on the week, -0.12%) |
| Caveat | Fresh news exists only for Dow and LyondellBasell; Sherwin-Williams' news file has not been refreshed since July and PPG's pull has been failing since June, so Friday's coatings drop has no checked cause |
What's Going On
The tape change is a divergence inside a strong week. Seven-day changes as of the October 23 close: Dow +8.95%, DuPont +4.68%, LyondellBasell +3.81%, PPG +3.0%, Air Products +2.52%, Linde +2.09%, $XLB +0.77%, Sherwin-Williams +0.55% and Ecolab -0.12%. Friday reversed the order: Dow, LyondellBasell and DuPont rose, and Sherwin-Williams, PPG, Ecolab, $XLB (-0.74%), Air Products (-0.35%) and Linde (-0.3%) fell. Volume was ordinary (from 0.72 times average for Ecolab and $XLB to 1.11 for Dow). Over thirty days all nine are positive, from $XLB's +2.05% to Dow's +13.82%, with LyondellBasell +10.81%, Linde +8.33% and Air Products +7.03%.
What the files support on causes is narrow. Dow reported its third quarter on Thursday, October 22: GAAP EPS of $0.62 against $0.08 a year earlier, operating EPS of $0.71 (consensus about $0.64) against a $0.19 loss, operating EBITDA of $1,553M against $868M, revenue of $11.27B (company release and MarketBeat, both October 22). The shares rose 4.71% to $31.81 on heavy volume on October 22 (stockanalysis.com) and added 2.51% Friday; a MarketBeat item attributes the strength to the beat, with pricing actions and cost reductions improving profitability (a model-synthesized summary, the press's stated reason). For LyondellBasell, the newest items are its October 30 report date (consensus EPS $2.57 on $8.87B, a provider estimate) and a BofA price-target increase to $61 from $56 with the Underperform rating kept (the date of that change is not given); its last report credited Middle East conflict-related petrochemical disruption for margin expansion and announced a $0.10-per-pound polyethylene price increase for August. Those are context from the prior quarter, not a Friday cause. For the other seven names Friday's move is cause unknown with these pull states: news pulled after the close on October 23 for Dow and LyondellBasell only; Air Products and Ecolab pulled the evening of October 22; Linde the evening of October 21; $XLB October 19; DuPont September 11; Sherwin-Williams July 25 with no items; PPG failed on a rate limit and has not refreshed since June 21. So news was not pulled for the coatings drop, and "no news" there would be a false negative. Stock-events show no report for any of the seven on Friday. Bloomberg's market-close wrap on October 23 says a resurgence in oil dragged down stocks and bonds, with Brent near $117; it does not mention chemicals, and nothing on file ties either the feedstock gainers or the coatings decliners to oil.
Long-horizon structure improved at the 200-day line again. Air Products: +20.48% over one year, -5.96% over two, alpha +7.35, golden cross, 6.3% over its 200-day ($288.96), 2.45% off its high. Linde: +13.05% and +6.58%, alpha -0.08, 3.6% over ($491.28), death cross. Ecolab: +4.91% and +11.52%, alpha -8.22, 4.8% over ($275.38), golden cross. $XLB: +14.81% and +7.19%, alpha +1.68, 0.6% over ($50.98), golden cross. LyondellBasell: +41.96% over one year, -25.23% over two, alpha +28.83, 4.8% over ($63.39), death cross: a rebound inside a long loss. Dow: +33.05% over one year, -36.67% over two, alpha +19.92, 0.5% over its line ($32.44), 23.7% off its high, death cross and 12.2% over its 20-day, which makes the reclaim fresh and the stretch large. Sherwin-Williams: +1.6% over one year, -7.07% over two, alpha -11.53, 1.1% over ($333.32), death cross. Under the line: DuPont (+33.82% over one year, +28.91% over two, alpha +20.69, 1.2% under at $138.23) and PPG (+6.87% over one year, -12.41% over two, alpha -6.26, 1.4% under at $112.22); both are weak-up now after strong-down tags last week, which makes them reclaim candidates, not a damaged pair.
What Changed Since 2026-10-16
- Seven-day breadth: eight of nine positive, from nine of nine; Ecolab is the only negative name (-0.12%). Dow is the new leader (+8.95%), where LyondellBasell led a week ago (+6.63%).
- Thirty-day breadth: nine of nine positive, from seven. Dow (-0.5% to +13.82%) and LyondellBasell (-1.37% to +10.81%) turned positive.
- Names above the 200-day: seven of nine, from six. Dow moved from 7.3% under its line to 0.5% over. DuPont (-5.5% to -1.2%) and PPG (-4.2% to -1.4%) are still under but closer. Cushions widened for Air Products (4.1% to 6.3%), Linde (1.8% to 3.6%) and LyondellBasell (1.8% to 4.8%).
- RSI: the lowest reading is now 56.2 (Sherwin-Williams), from 48.4 (DuPont). Two names are 70 or higher (Dow 73.5, up from 60; Linde 70.7, up from 67.8) against none a week ago; Air Products (69.8, from 65.3) and LyondellBasell (68.2, from 62.9) are just under.
- Trend tags: DuPont and PPG moved from strong-down to weak-up; Dow from weak-up to up; $XLB from weak-down to strong-up.
- Dow reported (October 22); the next reports are Sherwin-Williams and Ecolab (October 27 before the open), PPG (October 27 after the close), Linde (October 29), LyondellBasell (October 30), DuPont (November 3) and Air Products (November 5).
- Friday was mixed again, with three up and six down, and the gainers changed: a week ago four of the eight single names rose and four slipped, with the industrial-gas pair (Linde, Air Products) up and DuPont down; this week the gas pair fell and DuPont rose.
How To Read The Board
RSI measures recent buying versus selling pressure on a 0–100 scale; under 30 is oversold, 70 and above is extended. The short trend tag reads only the last few weeks. The longer-horizon checks are the gap to the 200-day average, the one- and two-year changes, and one-year alpha (return versus the market); for Dow and LyondellBasell the two-year change matters because strong years sit inside deep two-year losses. None of these names carries a desk thesis rating, so everything here is raw price evidence, not a setup. A week of rising RSIs on a broad bounce is not by itself a trend change. Entry-zone levels are screen output from each name's own averages and support shelf, not calls. Table values show each row's data date; prose figures are as of the October 23 close.
Price Table
| Stock | Price ($) | 1D (%) | RSI | SMA20 ($) | vs SMA20 (%) | 7D (%) | 30D (%) | 1Y (%) | vs SMA200 (%) | As of | Signal |
|---|---|---|---|---|---|---|---|---|---|---|---|
| APD | 307.15 | -0.35 | 69.8 | 288.3 | 6.5 | 2.52 | 7.03 | 20.48 | 6.3 | 2026-10-23 | 🟢 Strong-up, golden cross, 2.45% off its high; RSI just under 70 |
| ECL | 288.53 | -1.29 | 58.4 | 282.88 | 2 | -0.12 | 4.27 | 4.91 | 4.8 | 2026-10-23 | 🟢 Strong-up, golden cross; only name down on the week; reports October 27 |
| XLB | 51.31 | -0.74 | 59.5 | 49.92 | 2.8 | 0.77 | 2.05 | 14.81 | 0.6 | 2026-10-23 | 🟡 Materials fund on its 200-day; strong-up tag, golden cross |
| LYB | 66.45 | 1.65 | 68.2 | 60.87 | 9.2 | 3.81 | 10.81 | 41.96 | 4.8 | 2026-10-23 | 🟡 Strongest year; rebound inside a two-year loss, death cross; reports October 30 |
| SHW | 337.06 | -2.48 | 56.2 | 327.52 | 2.9 | 0.55 | 3.25 | 1.6 | 1.1 | 2026-10-23 | 🟡 Worst Friday; thin cushion, flat year; reports October 27 |
| DD | 136.55 | 1.07 | 62.3 | 131.26 | 4 | 4.68 | 4.33 | 33.82 | -1.2 | 2026-10-23 | 🟡 Best long record in the group; 1.2% under its 200-day |
| PPG | 110.61 | -2.19 | 59 | 106.59 | 3.8 | 3 | 3.18 | 6.87 | -1.4 | 2026-10-23 | 🟡 1.4% under its 200-day; news pull failing; reports October 27 |
| LIN | 508.83 | -0.3 | 70.7 | 488.98 | 4.1 | 2.09 | 8.33 | 13.05 | 3.6 | 2026-10-23 | 🟠 RSI 70 or higher; 50-day still under the 200-day |
| DOW | 32.61 | 2.51 | 73.5 | 29.05 | 12.2 | 8.95 | 13.82 | 33.05 | 0.5 | 2026-10-23 | 🟠 Fresh 200-day reclaim after a beat; most extended over its 20-day |
Tier Analysis
Capitulation, RSI under 25: None.
Oversold, RSI 25–40: None, as a week ago after PPG left the band; the lowest reading is 56.2.
Neutral to strong, RSI 40+: Sherwin-Williams (56.2), Ecolab (58.4), PPG (59), $XLB (59.5), DuPont (62.3), LyondellBasell (68.2), Air Products (69.8), Linde (70.7) and Dow (73.5) as of October 23. Dow and Linde are in the extended 70-plus zone; Air Products and LyondellBasell are within two points of it.
Entry Zones
| Stock | Entry zone | Condition and thesis |
|---|---|---|
| APD | $288.96–$302.36 (200-day to support shelf) | Cleanest long trend in the group; price is above the zone and RSI is near 70. Condition: a pullback that holds the 200-day; a close through the base pivot at $314.87 (October 23 summary) would be the breakout instead |
| LIN | $491.28–$504.75 (200-day to support shelf) | Extended (RSI 70.7), modest year, alpha near zero. Condition: a pullback holds the 200-day and the 50-day crosses back over it |
| ECL | $275.38–$283.1 (200-day to support shelf) | Over its line, year trails the market. Condition: the 200-day holds on a pullback; it reports October 27 |
| XLB | $50.9–$50.98 (support shelf to 200-day) | Sector gauge on its line, price just above the zone. Condition: the shelf holds; a close under it would undo the recovery |
| LYB | $63.39–$65.41 (200-day to support shelf) | Rebound inside a two-year loss, price above the zone. Condition: the 200-day holds into the October 30 report |
| DOW | $31.38–$32.44 (support shelf to 200-day) | Fresh reclaim, 12.2% over the 20-day at RSI 73.5, so the zone is below price. Condition: a pullback holds the 200-day, with the base pivot at $32.05 (October 23 summary) as the nearby level |
| DD, PPG | $135.03–$138.23 (DD shelf to 200-day); $109.24–$112.22 (PPG shelf to 200-day) | Both prices sit inside their zones, just under the 200-day. Condition: the shelf holds and a close back above the 200-day sticks |
| SHW | $331.98–$333.32 (support shelf to 200-day) | Thin cushion, flat year. Condition: the zone holds into the October 27 report |
Action Matrix
| Stock | Signal | Action | Notes |
|---|---|---|---|
| APD | 🟢 | 🔍 Watch | Strong-up trend over its 200-day; wait for a pullback or the pivot rather than chase at RSI 69.8 |
| ECL | 🟢 | 🔍 Watch | Over its 200-day; reports October 27 |
| XLB | 🟡 | ⏳ Waiting | Sitting on the 200-day; a hold is the sector signal |
| LYB | 🟡 | 🔍 Watch | Rebound in a two-year loss; reports October 30 |
| DD | 🟡 | 🔍 Watch | Best long record; the 200-day is 1.2% away |
| PPG | 🟡 | 🔍 Watch | 1.4% under its line; reports October 27, news pull failing |
| SHW | 🟡 | 🔍 Watch | Thin cushion; reports October 27 |
| LIN | 🟠 | ⚠️ Caution | Extended at RSI 70.7; wait for a pullback to the 200-day |
| DOW | 🟠 | ⚠️ Caution | Extended at RSI 73.5 and 12.2% over its 20-day; reclaim is a day old |
What To Watch Next
- Whether the seven names over their 200-days hold them on the first pullback, starting with the thinnest cushions: Dow (0.5%), $XLB (0.6%) and Sherwin-Williams (1.1%).
- Reports (provider estimates unless stated): Sherwin-Williams and Ecolab October 27 before the open, PPG October 27 after the close, Linde October 29, LyondellBasell October 30, DuPont November 3, Air Products November 5. Dow's October 22 report is the one result in so far: +4.71% on the day, +2.51% the next.
- Dow's 200-day at $32.44 and base pivot near $32.05: a hold keeps the reclaim; a close under both would undo it inside a week.
- DuPont's 200-day at $138.23 and PPG's at $112.22, the lines that would turn their weak-up tags into reclaims.
- Fresh news for PPG and Sherwin-Williams, the two names whose Friday drop cannot be checked, and any chemical company statement tying costs or demand to crude; oil is the weekend's open variable (MarketWatch, October 23, has oil at an Iran-war high with further strikes predicted).
Sources
- Tape: the desk's chemicals summary as of the 2026-10-23 close (chemicals); S&P 500 ETF from the desk's market summary (market-pulse).
- Comparison: the October 16, 2026 chemicals scan (2026-10-16-chemicals).
- Dow results: Dow press release, October 22, 2026, Dow reports third quarter 2026 results; MarketBeat, DOW Q3 2026 earnings report and DOW news today; stockanalysis.com, Dow stock price history. Stock-event row 2026-10-21-dow-earnings (yfinance) dates the report October 21; the company release and MarketBeat date it October 22, which this scan uses.
- LyondellBasell: MarketBeat, set to post earnings on Friday, Q2 2026 results; MarketScreener, LYB quote.
- Market context: Bloomberg, October 23, 2026, Chipmakers Post Longest Weekly Drop Since November (2026-10-23-bloomberg-chipmakers-post-longest-weekly-drop-since-november-tndhldn3n09900); MarketWatch, October 23, 2026, Oil markets are on edge ahead of the weekend.
- News receipts: stocks{DOW,LYB}/news/latest.json` (fetched 2026-10-23 after the close, ok); APD, ECL (fetched 2026-10-23 02:5x UTC, the evening of October 22 PT); LIN (2026-10-22 06:25 UTC); XLB (2026-10-20 00:47 UTC); DD (2026-09-11); SHW (2026-07-25, no items); PPG (failed and stale since 2026-06-21, Parallel search rate limit).
- Report schedule: stock-events rows in
research/stock-events/for SHW, ECL, PPG (2026-10-27), LIN (2026-10-29), LYB (2026-10-30), DD (2026-11-03), APD (2026-11-05); all provider estimates. - Filings on file (raw captures, not read): 2026-10-22-dow-8-k-0001751788-26-000155,
2026-10-23-dow-10-q-0001751788-26-000160.md, and eleven Sherwin-Williams Form 4s dated October 22 (2026-10-22-shw-4-*.md; codes not parsed). - Captures for October 20–23 searched for all nine company names: no article or social item names them on Friday.
Related
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