JSE Sectors: Discussing Relative Trends In June + Rotation Graph

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Published Saturday 27 June, for Monday 29 June.

The aggressive "barbell" market environment from mid-June has begun to cool as the month draws to a close. The intense rotational surges seen around June 19 have largely normalized. Former mid-June apex leaders like Insurers and Consumer Discretionary have seen their momentum step down from High Bullish extremes to a more sustainable Strong posture. Meanwhile, Banks and Luxury Goods have cemented their positions as the definitive market leaders, refusing to give up their High Bullish trajectories. On the negative side, the unwinding in the commodities space continues, with Coal Miners deteriorating further into Weak territory alongside Technology and Paper & Pulp.

• Apex Leaders: Banks, Luxury Goods, Telecoms

• Cooling Off: Insurers, Consumer Discretionary, Consumer Staples

• Deepening Weakness: Coal Miners, Technology, Diversified Miners

Short-Term Trajectory Tracker (Recent Weeks)

Tracking short-term momentum path: Jun 12 → Jun 17 → Jun 19 → Jun 23 → Jun 26

• Banks: Strong → Strong → Overbought → High Bullish → High Bullish (Dominant Leader)

• Luxury Goods: High Bullish → Strong → High Bullish → Strong → High Bullish (Relentless Bid)

• Insurers: Strong → Strong → High Bullish → High Bullish → Strong (Healthy Digestion)

• Cons Disc: High Bullish → Strong → High Bullish → Strong → Strong (Stabilizing after Squeeze)

• Hospitals: Weak → High Bearish → Strong → Neutral → Strong (Violent Whipsaw)

• Telecoms: Strong → Weak → Strong → Neutral → Strong (Consistent Base)

• Cons Staples: Neutral → Neutral → Strong → Neutral → Neutral (Failed Defensive Bid)

• Gold Miners: Weak → Strong → Weak → Weak → Neutral (Attempting to Base)

• Platinum Miners: Weak → Strong → Weak → Weak → Neutral (Mirroring Gold)

• Chemicals: Neutral → High Bearish → Neutral → Neutral → Weak (Rolling Over)

• Div. Miners: Strong → Neutral → Weak → Weak → Weak (Sustained Distribution)

• Technology: Weak → Weak → Neutral → Weak → Weak (Structurally Broken)

• Paper & Pulp: Weak → Weak → Weak → Weak → Weak (Trapped in Downtrend)

• Coal Miners: Weak → High Bearish → Neutral → Weak → Weak (Complete Unwind)

Lester Davids

Senior Investment Analyst: Unum Capital