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Summary: JSE Sector Momentum

Writer: Lester Davids
Lester Davids
Oct 1
1 min read

Disclosure: This note was compiled using an artificial intelligence tool, based on my own data.


Late September Macro Overlay


The JSE has experienced significant internal rotation throughout August and September. The market is increasingly defined by extreme momentum bifurcations, with several sectors hitting "High Bullish/Approaching Overbought" levels simultaneously, while others remain structurally broken. The most dramatic shift has been the explosive resurgence of Consumer Discretionary, Hospitals, Chemicals, and Luxury Goods—all surging into High Bullish short-term momentum by month's end. Conversely, early-year leaders like Coal Miners and Telecoms have definitively rolled over into short-term weakness.


  • The "Everything Rally" Sub-Sectors: Chemicals, Luxury Goods, Consumer Discretionary, Hospitals, and Consumer Staples all ended September with High Bullish short-term momentum.

  • Fallen Leaders: Coal Miners and Telecoms both closed the month with Weak short-term momentum, confirming a rotational exit.

  • The Unshakable Giant: Diversified Miners remain the strongest structural sector, boasting High Bullish long and short-term momentum.



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