🟩🟧🟥 JSE Relative Sector Momentum Dashboard

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🏆 1. The Powerhouses (Consistent Strength)

These sectors are exhibiting dominant strength across almost all timeframes.

• Telecoms: 🟩 High Bullish (LT) | 🟩 High Bullish (MT) | 🟩 Strong (ST)

• Diversified Miners: 🟩 Overbought (LT) | 🟩 Overbought (MT) | 🟩 Strong (ST)

• Banks: 🟩 Strong (LT) | 🟩 High Bullish (MT) | 🟩 Strong (ST)

• Luxury Goods: 🟩 Strong (LT) | 🟩 Overbought (MT) | 🟩 High Bullish (ST)

• Insurers: 🟧 Neutral (LT) | 🟩 Strong (MT) | 🟩 Strong (ST)

Insight: Diversified Miners and Luxury goods are flashing "Overbought" on higher timeframes, which suggests immense historical strength, but the slight step down to "Strong" or "High Bullish" on the short-term daily chart means they might be taking a minor breather while still remaining highly elevated.

🚀 2. Positive Momentum Shifters (The Breakouts)

Because the short-term timeframe reacts first, we look for sectors where the short-term is significantly stronger than the long-term.

• Consumer Discretionary: 🟥 Weak (LT) -> 🟩 Strong (MT) -> 🟩 High Bullish (ST)

Insight: This is the most compelling chart in the dataset. While the long-term (monthly) trend is still flagged as Weak, the medium and short-term daily moves have violently shifted upward into high bullish momentum. This indicates a potential major trend reversal or a very aggressive short-term rally.

⚓ 3. Cooling Off / Negative Momentum Shifters

These sectors were strong historically, but the quickest, most reactive daily timeframe is starting to flash warning signs.

• Coal Miners: 🟩 Strong (LT) -> 🟧 Neutral (MT) -> 🟥 Weak (ST)

• Chemicals: 🟩 High Bullish (LT) -> 🟩 Strong (MT) -> 🟧 Neutral (ST)

Insight: Coal Miners are a textbook example of negative divergence. The long-term trend still looks "Strong," but the daily short-term trend has already degraded to "Weak," pulling the medium-term down to "Neutral." Chemicals are also losing steam, stepping down one degree of strength per timeframe.

📉 4. The Laggards (Consistent Weakness)

These sectors are showing weakness across the board with no immediate signs of a short-term reactive recovery.

• Paper & Pulp: 🟩 Oversold (LT) | 🟥 Weak (MT) | 🟥 High Bearish (ST)

• Gold Miners: 🟧 Neutral (LT) | 🟥 Weak (MT) | 🟥 Weak (ST)

• Platinum Miners: 🟧 Neutral (LT) | 🟥 Weak (MT) | 🟥 Weak (ST)

• Technology: 🟥 Weak (LT) | 🟧 Neutral (MT) | 🟥 Weak (ST)

• Hospitals: 🟥 Weak (LT) | 🟧 Neutral (MT) | 🟥 Weak (ST)

Insight: Paper & Pulp is in severe distress. While the long-term indicator sees it as completely "Oversold" (meaning it has been punished heavily over a long period), the short-term daily momentum is still screaming "High Bearish," meaning the bleeding hasn't stopped yet.

Lester Davids

Senior Investment Analyst: Unum Capital