Breadth Analysis

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Please Note: When Published Intraday (JSE Equities), Prices Are Delayed By 15 Minutes.

Severe Downside Skew in Advance-Decline Breadth: Across the 138 evaluated counters, over 55% are actively trapped in "Sell Continuation" or multi-timeframe bearish regimes, illustrating that index-level resilience is being masked by a handful of mega-caps.

High Density of Multi-Timeframe Capitulation: Approximately 22% of the universe is flashing simultaneous oversold conditions across Daily, Weekly, and Monthly cycles, indicating widespread macro-liquidation across local cyclical equities.

Selective Bullish Participation (Sub-15%): Pure "Buy Continuation" setups represent less than 15% of the overall constituent base, concentrated strictly in select defensive retail (SHP), global infrastructure (EMI, VOD), and non-cyclical food services (BID).

Retail Sector Internal Dispersion: Retail breadth has fractured completely. High-volume food retail (SHP) trades at new cyclical momentum highs, whereas pharmacy, general merchandise, and apparel retail (DCP, CLS, WHL, TRU) sit at total technical washout extremes.

Banking Sector Multi-Frame Decoupling: South African banks show strong structural divergence. While their Monthly Core Baselines are elevated in bullish bands, 100% of the major banking institutions (ABG, FSR, NED, SBK, CPI) have seen their Daily indicators collapse into weak or oversold territory.

Resources Momentum Divergence: Breadth within basic materials is sharply bifurcated. Energy and thermal coal (SOL, TGA) command the top percentile of momentum strength, while PGM and iron ore counters (KIO, IMP, SSW) struggle near the lower decile of multi-month participation.

Real Estate Sector Dispersion: The REIT sector displays heavy internal rotation. Offshore and logistics-focused property funds (EMI, ATT) maintain constructive Weekly trends, while domestic retail and commercial property funds (GRT, RDF, HYP) drag along historical lows.

Precious Metals Sector Health: Gold counters continue to preserve a 100% positive structural rating on Monthly horizons, confirming that current weakness is confined entirely to Daily tactical profit-taking rather than broader trend liquidation.

Small-to-Mid Cap Liquidity Drain: Breadth deterioration is far more pronounced outside the Top 40 benchmark. Mid-cap industrial, consumer, and tech names (WBC, RBX, RLO, AFE) are predominantly lodged in structural downtrends with minimal institutional volume support.

Macro Regime Summary: The collective breadth profile reflects late-stage defensive rotation. Capital is selectively shielding inside liquid rand hedges and non-discretionary staples, while aggressively dumping broad domestic cyclicals.

Lester Davids

Senior Investment Analyst: Unum Capital