JSE Relative Sector Regimes + Summary of Momentum

Research Notes March 2026 > https://www.unum.capital/post/rmar2026

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Published on Sunday, 29 March for Monday, 30 March.

Summary: Consumer Staples, Hospitals, and Paper & Pulp are the standout turnarounds on the board, rapidly accelerating from Weak or High Bearish Long-Term trends to hit a Strong state in the Short Term. Meanwhile, Banks, Coal Miners, Diversified Miners, and Chemicals have consistently maintained intense, bullish momentum across all timeframes, sustaining serious strength built from a solid Long-Term foundation (with Chemicals and Diversified Miners hitting Overbought extremes). On the building front, Insurers show a clear upward shift, breaking out from a sleepy Neutral Long-Term stance to establish a Strong Medium- and Short-Term footing. Conversely, some sectors are visibly losing their early longer-term strength, with Gold Miners cooling entirely to Neutral in the Medium and Short Term, and Telecoms fading to Neutral in the Short Term. Finally, Technology, Luxury Goods, and Consumer Discretionary continue to languish under persistent, multi-horizon weakness, while Platinum Miners sharply fade from a Neutral longer-term regime into an intensely High Bearish and approaching oversold short-term state.

Lester Davids

Senior Investment Analyst: Unum Capital