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Which Sectors Are Strong / Weak / Neutral?

  • Writer: Lester Davids
    Lester Davids
  • 5 days ago
  • 2 min read

Free Content: June 2026 > https://www.unum.capital/post/rjune2026

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Note: When published intraday, JSE equity prices are delayed by 15-minutes.



1. Improving Sectors (Bullish Rotation / Gaining Strength)

These sectors show an upward progression through the momentum hierarchy as timeframes shorten, indicating building near-term strength.

  • Technology vs Top 40: Improving from Weak (Long Term) to Weak (Medium Term) to Neutral (Short Term).

  • Insurers vs Top 40: Improving from Strong (Long Term) to High Bullish Momentum / Approaching Overbought (Medium & Short Term).

  • Consumer Disc. vs Top 40: Improving significantly from Oversold (Long Term) to High Bearish Momentum / Approaching Oversold (Medium Term) to Neutral (Short Term).

  • Hospitals vs Top 40: Improving from Weak (Long Term) to Neutral (Medium & Short Term).

  • Consumer Staples vs Top 40: Improving initially from Weak (Long Term) to Neutral (Medium Term), though it ticks back down to Weak in the Short Term.

  • Paper & Pulp vs Top 40: Improving from Oversold (Long Term) to Weak (Medium Term) to Neutral (Short Term).

  • Luxury Goods vs Top 40: Improving from Neutral (Long Term) to High Bullish Momentum / Approaching Overbought (Medium & Short Term).

2. Weakening Sectors (Bearish Rotation / Losing Strength)

These sectors show a downward progression through the hierarchy as timeframes shorten, signaling that longer-term momentum is fading or rolling over in the near term.

  • Gold Miners vs Top 40: Weakening from Neutral (Long Term) to Weak (Medium & Short Term).

  • Platinum Miners vs Top 40: Weakening from Neutral (Long Term & Medium Term) to Weak (Short Term).

  • Telecoms vs Top 40: Weakening from High Bullish Momentum / Approaching Overbought (Long & Medium Term) to Strong (Short Term).

  • Chemicals vs Top 40: Weakening from High Bullish Momentum / Approaching Overbought (Long Term) to Strong (Medium Term) to Neutral (Short Term).

3. Flat / Static Sectors

These sectors maintain a uniform momentum profile across all three timeframes, showing no directional change in relative strength.

  • Diversified Miners vs Top 40: Locked in at maximum intensity: Overbought across Long, Medium, and Short Term.

  • Banks vs Top 40: Holding steady at a high level: Strong across Long, Medium, and Short Term.

  • Coal Miners vs Top 40: Mostly steady/mixed high strength, remaining Strong in the Long and Medium Term, before ticking up to High Bullish Momentum / Approaching Overbought in the Short Term.


Lester Davids

Senior Investment Analyst: Unum Capital

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