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JSE Market Breadth & Technical Participation Report

  • Writer: Lester Davids
    Lester Davids
  • 13 hours ago
  • 2 min read

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NOTE: When Published Intraday (JSE Equities), Prices Are Delayed By 15 Minutes


Domestic financials, regional banks, and selected property counters are supporting the tactical floor, while structural non-energy minerals and precious metal majors are undergoing significant liquidation.


A stark multi-timeframe divergence is playing out: short-term participation remains robust with broad price action holding above short-term exponential moving averages (EMAs), yet long-term structural health remains vulnerable as key heavyweights remain pinned below their 200-day simple moving averages (SMAs). This implies a market driven by tactical squeeze dynamics rather than systemic, broad-based capital accumulation.


Short-Term Tactical Horizon

  • Price Above 8-day EMA: 101 / 140 Stocks (72.1%) — Strong short-term tactical bid; momentum buyers control the immediate tape.

  • Price Above 21-day EMA: 98 / 140 Stocks (70.0%) — Healthy mean-reversion defense; the short-term uptrend is intact for the majority of issues.


Medium-Term Swing Horizon

  • Price Above 75-day EMA: 82 / 139 Stocks (59.0%) — Moderate swing structure; mid-term trends are bifurcated between domestic cyclicals and resource counters.

  • Price Above 21-Week EMA: 78 / 133 Stocks (58.6%) — Acceptable primary swing health, indicating structural accumulation is localized rather than universal.


Long-Term Structural Horizon

  • Price Above 200-day SMA: 74 / 139 Stocks (53.2%) — Neutral structural baseline; the broader market is effectively a coin-toss on a long-term horizon.

  • Price Above 50-week EMA: 71 / 133 Stocks (53.4%) — Confirms primary structural consolidation; macro trend leadership remains restricted to narrow clusters.


Core Momentum Profile

  • Positive 1-Month Return: 95 / 140 Stocks (67.9%) — Widespread short-term positive returns over the past 20 trading sessions.

  • Positive 3-Month Return: 81 / 140 Stocks (57.9%) — Medium-term persistence shows rolling distribution taking place under the surface.

*Note: Moving average calculations exclude specific instruments (such as CNP, CCD, EXP, ISO, OPA, RBO, and WVR) across select horizons due to insufficient historical duration or listing data.


Lester Davids

Senior Investment Analyst: Unum Capital

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