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đź“Š The Breadth Report

  • Writer: Lester Davids
    Lester Davids
  • Apr 1
  • 2 min read

Updated: Apr 1

Research Notes April 2026 > https://www.unum.capital/post/rapril2026

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  1. Tactical Recovery Attempt: 33.3% (38 of 114) of the universe is now in the 🟢 Buy Breakout or higher category, a sharp increase from previous sessions.

  2. Exhaustion Extremes: Only 2 shares (OMN, SOL) remain in the "Triple Overbought" 80+ RSI zone across all timeframes.

  3. The 40-RSI Floor: 64% of shares are now holding above the 40-RSI tactical support on the Daily timeframe, suggesting the "Waterfall" selling has paused.

  4. Banking Breadth: 100% of major banks (ABG, SBK, FSR, NED) have moved from 🟠 Weak back into 🟢 Strong or ⚪ Neutral daily trends.

  5. Retail Recovery: SHP and BOX are leading necessity retail breadth, maintaining 🟢 Strong alignments while the broader sector remains fragmented.

  6. Gold Sector Synchronization: ANG, GFI, and HAR have all synchronized into ⚪ Neutral Daily status, suggesting a volatility-matching consolidation phase.

  7. Tech Divergence: NPN and PRX remain the primary breadth anchors, trapped in 🔴 High Bearish Monthly tiers despite minor daily bounces.

  8. Industrial Spine: Construction and engineering counters (WBO, RBX) are exhibiting "Quiet Strength," clustering in the ⚪ Neutral 45-55 RSI zone.

  9. Oversold Liquidation: 12 shares still remain in 🔴 Oversold Weekly territory, indicating that the structural damage is not yet repaired for the laggards.

  10. The Mid-Cap Bid: Specialized mid-caps like ADH and SDO are outperforming the Top 40, both holding 🟢 Overbought/High Bullish Daily momentum.

  11. Monthly Resilience: 43% of the universe maintains a 🟢 Strong (55+) Monthly structural anchor, providing a secular "buffer" against short-term noise.

  12. The High Bearish Cohort: 18 shares are stuck in the 🔴 High Bearish (25-35) Daily tier, mostly concentrated in Apparel Retail and Property.

  13. Volume Clues: Most 🟢 Buy Breakout signals are appearing on declining volume, suggesting this is a "short-squeeze" rally rather than new institutional accumulation.

  14. Resource Concentration: The Top 5 momentum spots are still held by Resources (OMN, SOL, GLN, TGA, EXX).

  15. Insurance Breadth: DSY stands as the only insurer with a 🟢 Strong Monthly and Daily alignment; peers like SLM and SNT are lagging in 🟠 Weak tiers.

  16. Small-Cap Vacuum: BLU and AFH continue to print single-digit relative strength in certain sub-periods, signaling a total lack of liquidity.

  17. Mean Reversion Gap: The RSI gap between the #1 ranked (OMN) and #114 ranked (FFB) is 61.5 points, down from 70+, signaling the start of a "convergence" move.

  18. Chemical Outperformance: AFE and OMN are both holding Weekly RSI levels above 75, detached from the broader Industrial average.

  19. Property Stagnation: NRP and LTE remain in the "Wait / Range Trade" category with sub-35 Weekly RSI, confirming no rate-cut bid yet.

  20. Aggregate Speedometer: The JSE aggregate has ticked up to 46.8, moving from Weak to the bottom edge of Neutral.


Lester Davids

Senior Investment Analyst: Unum Capital

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