🟥🟩🟧 JSE Sector Momentum Dashboard

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The period from mid-August through mid-September reveals an intensifying bifurcated market, characterized by rotation within the resource complex and acute divergence across broader cyclicals. The most defining shifts are the structural breakout in Chemicals and the bullish alignment in Platinum Miners, which have seized decisive leadership. Concurrently, Coal Miners have exhibited powerful short-term momentum acceleration, while Gold Miners consolidate recent gains. Conversely, Diversified Miners have seen their late-August short-term surge aggressively unwind into Weak momentum. Technology and Consumer Discretionary remain entrenched in severe, multi-timeframe structural breakdowns, while Financials (Banks and Insurers) face persistent distribution and renewed downside pressure.

• Emerging Leaders (Resources & Industrials): Platinum Miners, Chemicals (Broad Bullish Alignment), Coal Miners (Short-Term momentum surging)

• Major Structural Breakdowns: Technology, Consumer Discretionary, Insurers

• Leadership Exhaustion / Mean Reversion: Diversified Miners (Short-Term breakdown to Weak), Telecoms (Sharp short-term oversold bounce)

Lester Davids

Senior Investment Analyst: Unum Capital