Thank you for your interest in our research. Year-to-date, we have published over 600 research notes . These research insights help clients: (1) Manage Risks and (2) Uncover Opportunities, with the ultimate goal of allocating capital to opportunities that offer the best reward-to-risk for a client's time frame. If you've been a consumer of our research but have not traded via the Unum Capital trading desk, why not consider making us your trading services provider? To open a trading account and/or move from your existing service provider, email   tradingdesk@unum.co.za . Alternatively, Sign Up Here:   https://tradedesk.co/tenant/Unum/signup >>> The Oil Spike. Link > https://www.unum.capital/post/oil0803 <<< Please consider sharing the following link among your social circle  (family, friends, colleagues and other associates) - on WhatsApp groups, E-mail, Social Media and SMS >   https://www.unum.capital/post/hqresearch Latest Research Notes: PINNED 🎯 7 Recent Money-Making Opportunities   https://www.unum.capital/post/makemoney0804 🟩  Spar: Model Signal https://www.unum.capital/post/spp2204 Breadth Report https://www.unum.capital/post/breadth2204 Rotartion https://www.unum.capital/post/rotation2204 Sector Momentum Gauges https://www.unum.capital/post/speed2204 JSE Ranking The Sectors https://www.unum.capital/post/rank2204 JSE Sectors Leaders & Laggards https://www.unum.capital/post/leadlag2204 🟩 Global Idea: Long Term Buy Candidate https://www.unum.capital/post/globalnke2104 Tiger Brands: Take Profit https://www.unum.capital/post/tbs2104 Spot Gold https://www.unum.capital/post/xau2104 Sasol: Momentum Matrix 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Resources: Take Profit +19% On Buy Re-Entry https://www.unum.capital/post/tga1304 Trading Sanlam https://www.unum.capital/post/slm1304 JSE Momentum Dashboard (Mid & Large Caps) 🟢🟡🔴 https://www.unum.capital/post/modash1304 Gold Miners' Model Signals https://www.unum.capital/post/goldminers1304 Model Signals: Exxaro Resources, South 32, Glencore https://www.unum.capital/post/exxs32gln1304   Model Signals 🟢 Buy 🔴 Sell 🟡 Wait https://www.unum.capital/post/model1304 Momentum Signals 🟢 Buy 🔴 Sell 🟡 Wait https://www.unum.capital/post/mosig1304 Anglo American Plc https://www.unum.capital/post/agl1304 Spar Group: Outlook, Risks & Probabilities https://www.unum.capital/post/spp1304 JSE Top 40 Index https://www.unum.capital/post/j2001304 JSE Diversified Miners https://www.unum.capital/post/dminers1304 JSE Sector Key Takeaways https://www.unum.capital/post/keyt1304 JSE Sector Momentum https://www.unum.capital/post/motra1304 JSE Relative Sector Analysis https://www.unum.capital/post/sector1304 JSE Sector Rotation https://www.unum.capital/post/sectorrrg1304 JSE Momentum Dashboard (Mid & Large Caps) 🟢🟡🔴 https://www.unum.capital/post/modash1004 Spot Gold https://www.unum.capital/post/xau0904 JSE Top 40 Index https://www.unum.capital/post/j2000904 💡 Trading Capitec Bank: Generating Cash https://www.unum.capital/post/cpi0904 💡 Trading Standard Bank: Generating Cash https://www.unum.capital/post/sbk0904 💡 Trading Thungela Resources: Generating Cash https://www.unum.capital/post/tga0904 Spot Platinum MTF Outlook, Risks & Opportunities https://www.unum.capital/post/xpt0904 S&P 500 Index https://www.unum.capital/post/spx0804 Thungela Resources https://www.unum.capital/post/tga0804 Contrarian Sell/Reduce Trigger 🔴 https://www.unum.capital/post/finsec0804 Brent Crude Oil https://www.unum.capital/post/ukoil0804 Update: Sasol 🔴 https://www.unum.capital/post/sol0804 💡 Trade Setup/Actionable Areas: MTN Group https://www.unum.capital/post/mtn0804 💡 Trade Setup: Woolworths https://www.unum.capital/post/whl0804 JSE Breadth in 20 Points https://www.unum.capital/post/breadth0804 JSE Sector Rotation https://www.unum.capital/post/rotation0804 JSE Sector Momentum Trajectory https://www.unum.capital/post/motra0804 10-Point Momentum Wrap https://www.unum.capital/post/mowrap0804 JSE Relative Sector Analysis: Leaders & Laggards https://www.unum.capital/post/sector0804 Update: AngloGold Ashanti https://www.unum.capital/post/ang0704 💡 Price Action Model Setup: Risks & Opportunities https://www.unum.capital/post/1ang0704 💡 Trading Capitec Bank https://www.unum.capital/post/cpi0704 💡 Trading BHP Group https://www.unum.capital/post/bhg0704 💡 Trading Thungela Resources https://www.unum.capital/post/tga0704 💡 R205 to R210 as a Buy Re-Entry https://www.unum.capital/post/abg0704 JSE Momentum Dashboard (Mid & Large Caps) 🟢🟡🔴 https://www.unum.capital/post/modash0704 JSE Sectors: Speed Limit https://www.unum.capital/post/tank0704 JSE Sector Breadth https://www.unum.capital/post/secbreadth0704 JSE Rotation Graph https://www.unum.capital/post/rotation0704 JSE Momentum Trajectory https://www.unum.capital/post/traject0704 JSE Sectors: Leaders & Laggards https://www.unum.capital/post/sectors0702 💡 Trading Valterra Platinum https://www.unum.capital/post/val0704 💡 Trading Harmony Gold   https://www.unum.capital/post/har0604 Spot Platinum https://www.unum.capital/post/xpt0604 Brent Crude Oil https://www.unum.capital/post/ukoil0604 JSE Top 40 Index - 12,000 Points https://www.unum.capital/post/j2000204 JSE Daily Breadth https://www.unum.capital/post/odb0204 OMN Bull-Bear Checklist https://www.unum.capital/post/omn0204 TFG Bull-Bear Checklist https://www.unum.capital/post/tfg0204 S&P 500 Index https://www.unum.capital/post/spx0204 Trading Sibanye Stillwater https://www.unum.capital/post/ssw0104 Spot Gold Buy Idea: Running +10% (or +$460) https://www.unum.capital/post/xau0104 Momentum Wrap + Dashboard 🟢🟡🔴 https://www.unum.capital/post/modash0104 Trading Harmony Gold https://www.unum.capital/post/har0104 JSE Top 40 Index https://www.unum.capital/post/j2000104 The Breadth Report https://www.unum.capital/post/breadth0104 Momemtum Trend Trajectory https://www.unum.capital/post/traject0104 JSE Sector Rotation: Leaders & Laggards https://www.unum.capital/post/rotation0104 JSE Paper & Pulp https://www.unum.capital/post/pulp0104 JSE Financials (Banks + Insurers) https://www.unum.capital/post/financials0104 Quarter-End: Relative Strength/Weakness: JSE Sectors https://www.unum.capital/post/sectors0104 Featured Post:  Unum Capital Commentary For Bloomberg   https://www.unum.capital/post/bloomberg3003 Archive: Year-To-Date March 2026 https://www.unum.capital/post/rmar2026 February 2026 https://www.unum.capital/post/rfeb2026 January 2026 https://www.unum.capital/post/rjan2026 Share the following link to our website with your social circle: https://unum.capital/blog/ Lester Davids Senior Investment Analyst: Unum Capital

Research Notes April 2026 > https://www.unum.capital/post/rapril2026 Trade   Local & Global Financial Markets with Unum Capital. To get started, email   tradingdesk@unum.co.za Disclosure: The graphics below have been generated using an A.I Tool based on the analyst's proprietary data. The price chart and price action model is the analyst's own. Updated Price Action Model Reading. See The 5 to 8 Week Time Frame. Daily Time Frame (Improving) Weekly Time Frame (Remains Weak But Has Ability To Improve) Previous Post (Sunday 12 April 2026): Spar Group: Outlook, Risks & Probabilities Current Phase:  🔴 Structural Markdown / Capitulation Phase Next Best-Probability Phase:  🔴 Volatility Compression / Base Building Search Strategic Overlay:  Tactical Exhaustion. Tactical Risk Assessment: Buying vs. Selling What's the risk of buying now?  You are attempting to "catch a falling knife" in a confirmed macro waterfall. The Monthly oscillators are at absolute zero-bound extremes, indicating a complete collapse in structural demand. While "cheap" on a chart, the momentum has not yet arrested, meaning you risk holding through a final capitulation flush toward the 5,000c - 5,500c  liquidity void before any durable floor is established. What Can Change?  If the Daily price structure prints a massive, high-volume bullish "Hammer" or "Piercing" pattern followed by a definitive cross of the Ultra Short Term momentum above the neutral zone, it would signal a tactical "Spring," validating a temporary bottom. What's the risk of selling now?  You are shorting into extreme, multi-year oversold conditions. With the Monthly and Weekly tiers pinned to the floor, the "rubber band" is stretched to its limit. Any minor positive fundamental catalyst could trigger a violent, low-volume "short-squeeze" relief rally of 10-15% just to reset the tactical oscillators. What Can Change?  If the daily price continues to "hug" the lower Bollinger band with declining volume, it mechanically confirms that the sell-side pressure is not yet exhausted and the path of least resistance remains a slow, grinding markdown. Timeframe Confluence & Forecasting (WCL Model) 1-Month Forecast (🔴 Bearish/Neutral):   Driven by 60% Daily / 30% Weekly / 10% Monthly.  Daily oscillators are attempting to curl from oversold levels, but the structural weight is overwhelming. We project a period of volatile, low-level chop as the asset tries to find a floor between 5,800c and 6,500c . 3-Month Forecast (🔴 Bearish):   Driven by 20% Daily / 50% Weekly / 30% Monthly.  The Weekly structural trend is in a vertical decline with no signs of divergence yet. We project continued lower highs as the market digests the structural damage. 6-Month Forecast (🟡 Base Building):   Driven by 10% Daily / 20% Weekly / 70% Monthly.  The Monthly timeframe is so extremely washed out that a mean-reversion move is inevitable. We project a long-term stabilization phase six months out as the asset attempts to build a multi-month base above 5,000c . Momentum Profile:  The multi-timeframe momentum profile reveals a state of total structural abandonment. Monthly (Macro):  The macro suite is at "Terminus." The fast tiers are essentially flat-lining at zero. While this historically precedes a major long-term bounce, the "slope of hope" is currently vertical to the downside. Weekly (Structural):  Structural oscillators are in a synchronized downward break. There is no evidence of a momentum hook, signaling that institutional distribution is still active. Daily (Tactical):  The daily oscillators are attempting a weak relief reset, but the price is failing to make any upward headway. This is a sign of extreme weakness where the Ultra Short Term , Short Term , Mid Term , and Base Term  tiers are failing to produce a unified recovery. Synthesis:  The macro "Gravity" is the absolute dominant force. Tactical bounces are being sold into immediately. Structural Analysis & Tactical Bias:  Evaluating the broader macro context, SPAR has suffered a catastrophic structural breakdown. After failing to hold the 10,000c  handle in late 2025, the tape entered a vertical markdown. It has recently sliced through the 8,200c  and 6,850c  floors. Currently trading at 6,189c , the asset is searching for a bottom in a historical "air pocket." Given the total lack of structural support, the tactical bias is 🔴 Structural Markdown / Capitulation Phase . Key Support & Resistance Levels:  Immediate overhead supply is now heavy at the 6,850c  breakdown shelf. Immediate structural support is non-existent on the recent timeframe; the next major historical liquidity pool sits deep at the 5,000c - 5,500c  psychological zone. Next Candle Probability:  The price action aligns with Scenario 44: 🔴 High-Level Chop / Bounce Exhaustion . The daily structure shows a series of small-bodied candles at the lows, indicating a temporary pause in the selling, but the lack of a "V-bottom" suggests another leg lower is likely. Forecast Projection Breakdown:  With momentum at terminal lows, the probability distribution favors a final flush followed by a long, painful base-building process. The Bearish Scenario (55% Probability):  The "dead cat" bounce fails to reach 6,500c. Sellers resume the markdown, targeting a final capitulation print near 5,500c . The Base/Neutral Scenario (35% Probability):  The asset enters a wide, volatile stabilization range between 5,800c and 6,300c , slowly grinding sideways to work off the extreme Monthly oversold state. The Bullish Scenario (10% Probability):  A massive capitulation "flush" occurs on record volume, followed by an immediate V-recovery back above 7,000c , signaling the macro bottom is in. READY TO TRADE: ACTIONABLE AREAS For active traders who look to generate cash flow on a continuous basis, determining the ‘next best probability’ level to execute against may be of immense value, specifically by helping to determine the best potential times and levels to commit capital. The blue  and red horizontal lines  on the chart represent a next-best-probability buy re-entry range and a next-best-probability sell re-entry range over the short term. The ranges assume no existing position is being held by a trader, while the probabilities are based on several factors, which may include: Short-term ratings and medium-term regimes Momentum indicators Horizontal or diagonal support and resistance Candle structure Moving averages and standard deviation Please note that these are short-term levels and may contrast with medium- and long-term outlooks, which are based on the weekly and monthly charts and are generally more applicable to long-term investors. These levels are subject to change based on market sentiment, subsequent price action, and company/sector-specific or macroeconomic news flow. As always, while the levels are outlined to guide your capital deployment, traders should be prepared to adjust in real-time based on the aforementioned factors. THE TACTICAL TRADING GUIDE (PRICE ACTION MODEL) : UNCOVER OPPORTUNITIES & ASSESS REWARD-TO-RISK It helps helps clients determine and shed light on the some of the following: The CURRENT TECHNICAL POSITION  and a PRICE ACTION PROBABILITY  for multiple time frames. Three (3) ‘trading’ time frames are considered: Short Term (1 to 10 days) / Medium Term (2 to 4 weeks) and Long Term (5 to 8 weeks) Whether the reward-to-risk is attractive for a buy/long position Whether a share is weak. In this case, wait until the price stabilizes before looking to enter (i.e. want until it stops going down) Whether aggressive buying is underway. In this case, do not ‘chase’ (do not buy) but instead wait for a pullback to re-enter a buy or an overextension with deteriorating candle structure to sell/short. Whether a trader can look to buy a pullback into a key moving average (continuation trade) Whether a share needs to break a range for a new trend to be determined (bullish or bearish) Whether a traders needs to monitor for a change of character that could lead to a bullish or bearish reversal Whether a share could start a consolidation phase or before continuing it’s bullish or bearish trend Whether the upward momentum is slowing (if it's in a bullish phase) Whether buyers can look to 'phase in' to a position (if it's in a bearish phase) Whether a share lacks directional bias. The data set is available in real-time (on request) The readings are subject to change as the price action develops. Lester Davids Senior Investment Analyst: Unum Capital

Research Notes April 2026 > https://www.unum.capital/post/rapril2026 Trade   Local & Global Financial Markets with Unum Capital. To get started, email   tradingdesk@unum.co.za Disclosure: The graphics below have been generated using an A.I Tool based on the analyst's proprietary data. Lester Davids Senior Investment Analyst: Unum Capital

Research Notes April 2026 > https://www.unum.capital/post/rapril2026 Trade   Local & Global Financial Markets with Unum Capital. To get started, email   tradingdesk@unum.co.za Disclosure: The graphics below have been generated using an A.I Tool based on the analyst's proprietary data. Lester Davids Senior Investment Analyst: Unum Capital

Research Notes April 2026 > https://www.unum.capital/post/rapril2026 Trade   Local & Global Financial Markets with Unum Capital. To get started, email   tradingdesk@unum.co.za Lester Davids Senior Investment Analyst: Unum Capital

Research Notes April 2026 > https://www.unum.capital/post/rapril2026 Trade   Local & Global Financial Markets with Unum Capital. To get started, email   tradingdesk@unum.co.za Disclosure: The graphics below have been generated using an A.I Tool based on the analyst's proprietary data. Lester Davids Senior Investment Analyst: Unum Capital

Research Notes April 2026 > https://www.unum.capital/post/rapril2026 Trade   Local & Global Financial Markets with Unum Capital. To get started, email   tradingdesk@unum.co.za Summary:   Technology , Consumer Staples , Consumer Discretionary , and Luxury Goods  are the standout turnarounds on the board, rapidly accelerating from Weak or Oversold Long-Term trends to hit a Strong or High Bullish state in the Short Term. Meanwhile, Diversified Miners  have consistently maintained intense, bullish momentum across all timeframes, sustaining serious strength built from a solid Long-Term foundation. On the building front, Banks  and Hospitals  show a clear upward shift, breaking out from a sleepy Neutral Long-Term stance to establish a Strong or High Bullish Medium- and Short-Term footing. Conversely, several sectors are visibly losing their early longer-term strength, with Gold Miners  cooling entirely to Weak in the Short Term, Platinum Miners  fading to Neutral, and Chemicals  losing their Short-Term momentum to settle at Neutral. Coal Miners  are also deteriorating, fading from a Neutral base into a Weak Short-Term state. Finally, Insurers , Telecoms , and Paper & Pulp  continue to languish under persistent, multi-horizon neutrality or underlying longer-term weakness. Lester Davids Senior Investment Analyst: Unum Capital

Research Notes April 2026 > https://www.unum.capital/post/rapril2026 Trade   Local & Global Financial Markets with Unum Capital. To get started, email   tradingdesk@unum.co.za Premium Content: Available to active trading clients. *Active trading client = trades placed within the last 10 trading days. Sector: Consumer Discretionary Exchange: NYSE Lester Davids Senior Investment Analyst: Unum Capital

Research Notes April 2026 > https://www.unum.capital/post/rapril2026 Trade   Local & Global Financial Markets with Unum Capital. To get started, email   tradingdesk@unum.co.za Strong rebound vs buy re-entry range + in line with the price action model. Previous Post (Sunday, 08 March): Trading Tiger Brands Published Sunday 08 March for Monday 09 March Previous Post (26 November): Take Profits on Tiger Brands (+25%): Rebounding Off The R288-R295 Buy Re-Entry Range; Printing +R367 Previous Post Tiger Brands: Rebounding Off The R288-R295 Buy Re-Entry Range, Now Trading +R336 (+15%) Previous Post (19 June): Tiger Brands: Unwinding From Overbought; 21-Week EMA In Focus Recently we highlighted TBS being overbought on 3x time frames. The share then traded slightly higher before retreating. Provisionally, the 21-week EMA between R288 and R295 is a provisional next best probability buy level of interest: Previous Post (26 May) : Tiger Brands: Overbought On 3x Time Frames M = Monthly W = Weekly D = Daily Lester Davids Senior Investment Analyst: Unum Capital

Research Notes April 2026 > https://www.unum.capital/post/rapril2026 Trade   Local & Global Financial Markets with Unum Capital. To get started, email   tradingdesk@unum.co.za Gold Spot / U.S. Dollar (XAUUSD) Current Phase:  🟡 High-Level Chop / Volatility Digestion Next Best-Probability Phase:  🟢 Trend Continuation / Monthly Expansion Tactical Risk Assessment: Opening vs. Holding Buying & Long Positions Risk for New Buy Entries: Tactical Speed vs. Structural Gap.  You are initiating an entry where the Ultra Short Term (Daily)  has experienced a sharp, vertical reset into the oversold zone while price remains significantly extended above the Structural (Weekly)  and Secular (Monthly)  baselines. The risk is a "Laggard" Weekly pullback where price grinds lower to meet rising Weekly support, even if Daily momentum hooks. Risk for Existing Long Positions: Profit Compression.  Monthly momentum is exceptionally "stretched" at historical peaks. Failure to take partial profits or trail stops into the 4,450 – 4,500  structural shelf invites the risk of a multi-week consolidation eating away at unrealized gains. What Can Change?  A high-volume Daily reversal candle that reclaims the 4,850  level would invalidate localized exhaustion and signal that the Secular Cycle  is ready to force a vertical squeeze toward the 5,250  psychological target. Selling & Short Positions Risk for New Short Entries: Fighting Secular Momentum.  Shorting a Daily rollover while the Secular Cycle (Monthly)  is in a vertical, non-divergent discovery phase is "picking up pennies in front of a steamroller." Monthly momentum is pinned at the ceiling; any tactical short is a high-stakes fade against a global regime shift in Gold. Risk for Existing Short Positions: The "Higher Low" Trap.  While the Daily oscillators are rolling, they are doing so within a clear bull-market structure. Existing shorts are vulnerable to a violent "V-bottom" snapback if the Weekly Fast Tier  defends the neutral midline. What Can Change?  If price structure definitively slices through the 4,400  Weekly pivot on expanding volume, it would mechanically confirm that a deeper Secular mean-reversion move toward the 3,700  range has commenced. Timeframe Confluence & Forecasting 1-Month Forecast (🟡 Neutral/Bearish):   Driven by 60% Daily / 30% Weekly / 10% Monthly.  Daily oscillators are testing oversold territory while price engages the first major structural support. We project a period of volatile sideways-to-lower repricing over the next 30 days as the asset seeks to build a higher-low base near 4,450 . 3-Month Forecast ( 🔒 ) 6-Month Forecast ( 🔒 ) Evaluating the broader macro context, Gold  has entered a definitive price discovery phase, clearing all historical resistance. Currently trading at 4,779.18 , the asset is consolidating after a failed attempt at the 5,250  handle. Given the washed-out Daily oscillators and the pinned Monthly gravity, the tactical bias is 🟡 High-Level Chop / Volatility Digestion . Lester Davids Senior Investment Analyst: Unum Capital

Research Notes April 2026 > https://www.unum.capital/post/rapril2026 Trade   Local & Global Financial Markets with Unum Capital. To get started, email   tradingdesk@unum.co.za Disclosure: The graphics below have been generated using an A.I Tool based on the analyst's proprietary data. The price chart is the analyst's own. Lester Davids Senior Investment Analyst: Unum Capital

Research Notes April 2026 > https://www.unum.capital/post/rapril2026 Trade   Local & Global Financial Markets with Unum Capital. To get started, email   tradingdesk@unum.co.za Disclosure: The graphic below has been generated using an A.I Tool based on the analyst's proprietary data: What is a Technical Screen? In trading and technical analysis, a technical screen  (or "screener") is a systematic process used to filter a vast universe of securities—such as the 100+ liquid names on the JSE or the thousands on the NYSE—down to a manageable shortlist that meets specific, predefined criteria. Rather than analyzing every chart manually, a screen acts as a quantitative "funnel" to identify setups where the odds are mathematically skewed in your favor. Why Professionals Use Screens For an investment professional, a screen is less about "finding a tip" and more about process efficiency  and bias reduction : Scalability:  It allows an analyst to monitor hundreds of shares across multiple timeframes (Daily, Weekly, Monthly) simultaneously. Objectivity:  It removes emotional attachment to specific "story stocks" and focuses strictly on price action and momentum profiles. Early Detection:  It identifies sector rotations or "alpha flows" before they become obvious to the broader market. The Goal:  A technical screen doesn't tell you what to buy; it tells you what is worth your time to investigate  today. It turns a sea of data into a high-probability "watchlist." Types of Technical Screens Rotation: Absolute & Relative Trend & Phase Scans Leading Phase:  Strong across all timeframes. Lagging Phase:  Weak across all timeframes. Waking Up / Turnaround:  Short-term strength appearing in a long-term downtrend. Deteriorating:  Short-term weakness appearing in a long-term uptrend. Momentum & Velocity Power Trend:  Extreme bullish momentum pushing a strong trend higher. Hyper Momentum:  Parabolic, highly volatile upside. Violent Breakout:  Explosive short-term push reversing a weak long-term trend. Momentum Squeeze:  Timeframe convergence (coiling) usually preceding an explosive price move. Over-extended & Extremes Extreme Overbought:  Euphoria across the board. Extreme Oversold:  Severe panic selling across the board. Overbought Warning in Bear Trend:  Violent counter-trend rally ripe for short-selling. Deep Dip in Bull Trend:  Sharp, over-extended pullback in a primary uptrend. Capitulation:  Total institutional abandonment. Volatility & Accumulation Steady Accumulation:  High-quality, low-drama buying. Low Volatility Compounders:  Slow, steady, highly predictable uptrends. High Volatility Momentum:  Strong trend with wild daily swings. High-Vol Laggards:  Dangerous wealth-destroyers with massive daily swings. Dead Money:  Trapped in a tight, directionless neutral zone. Market Structure & Divergences Perfect Bull Alignment:  Textbook sequential leadership (Short-term leads medium-term, which leads long-term). Perfect Bear Alignment:  Textbook sequential breakdown (Short-term leads the decline, dragging down medium and long-term trends). Bullish Divergence:  Shorter timeframes dragging a dead long-term trend higher. Bearish Divergence:  Shorter timeframes breaking down while the long-term trend still looks great. Stealth Bull:  Creeping accumulation while the long-term chart still looks bad. Stealth Bear:  Creeping distribution while the long-term chart still looks good. MT Turnaround:  Medium-term momentum just crossing out of weakness, pulled by short-term strength. MT Breakdown:  Medium-term momentum just dropping out of strength, dragged by short-term weakness. Transitions & Pullbacks Bull Market Correction:  Healthy pullback into weak territory within a strong primary trend. Bear Market Rally:  Sharp bounce into strong territory within a primary downtrend. Bullish Stall:  Short-term momentum flatlining inside a strong trend. Base Building:  Bleeding has stopped, chopping sideways at the bottom. Lester Davids Senior Investment Analyst: Unum Capital