Year-To-Date Sector Momentum Changes

Research Notes January 2026 > https://www.unum.capital/post/rjan2026

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Year-to-Date: Sector Momentum Changes

Gold Miners: 🟢 Explosion. The biggest winner. Short Term shifted from "Weak" to "Overbought." Panic buying is evident.

Hospitals: 🟢 Defensive Pivot. The only non-resource sector to improve. Short Term momentum hit "Strong," marking it as the new defensive favorite.

Platinum Miners: 🟡 Maturation. Long Term strengthened, but Short Term momentum cooled to "Neutral." The trend is aging but remains dominant.

Banks: ⚪ Stagnation. Completely unchanged. The sector is frozen, offering neither risk nor reward relative to the Top 40.

Telecoms: 🔴 Momentum Failure. The year-end breakout failed. Short Term signal dropped back to "Neutral."

Miners (Div): 🔴 Faded. The Short Term strength seen at year-end evaporated. Back to a holding pattern.

Cons. Disc.: ⚪ Distress. No change. Remains structurally broken.

Insurers: 🔴 Breakdown. Deteriorated significantly. Lost all "Neutral" supports to become "Triple Weak."

Cons. Staples: 🔴 Safety Failure. A major warning signal. The traditional "safety" trade has broken down.

Coal Miners: 🔴 Weakness. Short Term dropped to "Weak." No buyer interest.

Chemicals: 🔴 Deterioration. Short Term support gave way. Returns to "falling knife" status.

Paper & Pulp: 🔴 Crash. Short Term momentum collapsed to "High Bearish." A volatility event is occurring here.

Technology: 🔵 Capitulation. Long Term worsened, but Med/Short terms hit "Oversold." Selling exhaustion is near.

Luxury Goods: 🔵 Capitulation. Massive drop from "Neutral" to "Double Oversold." A sharp, violent repricing has occurred.

Lester Davids

Senior Investment Analyst: Unum Capital