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The market overview serves as a comprehensive snapshot of the financial markets, providing a summary of various asset classes, sectors, and indices. Its primary purpose is to showcase the performance of different financial instruments over a specific period.

The Week That Was The momentum from the AI-driven market rally waned during Friday's afternoon session. The S&P 500 and the Dow Jones Industrial Average eked out modest gains, while the Nasdaq Composite dipped into the red, reversing from earlier record highs. This shift comes after Wall Street's robust gains in the previous session, fueled by Nvidia's impressive quarterly earnings. The semiconductor giant's stock soared, pushing its market valuation over the $2 trillion mark, after reaching a new peak at $805.55. Carvana also made headlines with a 31.44% jump in its stock price, following a report of a smaller loss in the fourth quarter than expected. On the flip side, Booking Holdings saw its shares tumble over 10% despite earnings that beat forecasts, as the company warned that geopolitical tensions in the Middle East might affect its upcoming quarterly results. Similarly, Warner Bros Discovery's shares declined by approximately 8% after the company reported disappointing revenue for the fourth quarter. Over the week, the S&P 500 registered a 1.6% increase, the Dow Jones advanced by 1.2%, and the Nasdaq grew by 1.4%. During Friday's trading session, the JSE All Share Index experienced fluctuations before ultimately closing slightly higher at 74 213, marking its highest level in more than two weeks. This activity came as global traders paid close attention to recent cautious remarks made by US Federal Reserve officials. On the home front, South Africa's Finance Minister, Enoch Godongwana, underscored last week that the nation's electricity crisis is the foremost barrier to economic expansion. He voiced concerns that persisting challenges within the transport and logistics sector might further hinder progress. Godongwana advocated for the introduction of private partnerships in both the electricity and logistics sectors as a strategy to mitigate these issues. In terms of individual shares, Karoo and Spar recorded the most significant declines, dropping 5.1% and 4.2% respectively, while Picknpay and Bytes led the gains, with increases of 7.1% and 4.1%. Over the week, the JSE saw an overall growth of 0.8%. The Week Ahead In the US, the focus of traders and investors is set to shift back to a packed economic agenda, coupled with a series of speeches from US Federal Reserve officials. Upcoming key economic indicators include the PCE price indexes, personal income and spending, the ISM Manufacturing PMI, and orders for durable goods. Expectations are set for a 0.3% rise in PCE prices for January, a slight increase from December's 0.2% growth, with core prices projected to climb by 0.4%. The report is also anticipated to show a 0.3% increase in consumer spending and a 0.5% rise in income. Moreover, the ISM Manufacturing index is expected to reflect ongoing contraction in the sector for February, and orders for durable goods are predicted to have fallen by 4.5% in January. Additionally, investors will pay close attention to the second estimate of the fourth-quarter GDP, as well as updates on new and pending home sales, Case-Shiller home prices, Chicago PMI, Dallas Fed Manufacturing Index, and preliminary figures on wholesale sales and the goods trade balance. The US earnings season is nearing its conclusion, with companies like Workday, Lowe's, American Tower, AMC, HP, Salesforce, TJX Companies, and Dell on the docket to report. In Europe, key reports on inflation and employment within the Eurozone are due. The Euro Area's annual inflation rate is expected to ease to 2.5% in February, with the core rate forecasted to fall to 2.9%, the lowest since February 2022. In the UK, attention will centre on the Bank of England's monetary indicators, Nationwide housing prices, the CBI's distributive trades survey, and the final manufacturing PMI. In Asia, the spotlight turns to China's PMI for February, offering the first glimpse into the economy's performance during the Lunar New Year holiday period, following Beijing's support measures. Japan is poised to release new inflation data, expected to reveal a continued slowdown in consumer prices, alongside updates on consumer sentiment, industrial production, retail sales, housing starts, and unemployment rates. Meanwhile, India's focus will be on the second estimates for the current fiscal year's GDP growth. Key Themes for the Week Ahead US Inflation The focus shifts back to inflation this week with the anticipated release of the Personal Consumption Expenditures (PCE) price data for January, expected on Thursday. Recent data, including consumer and producer prices as well as employment figures, highlight the US economy's resilience amidst a prolonged phase of high interest rates. This resilience has led investors to adjust their expectations for US Federal Reserve rate cuts to later in the year. Economists predict a 0.3% rise in January's PCE data, following a 0.2% increase the previous month. A higher-than-expected inflation rate might cause the Fed to postpone rate cuts even further. Additionally, the economic agenda will cover various other indicators, including consumer confidence reports from notable sources. US retail earnings As earnings season draws to a close, key retail companies are set to release their financial results, offering valuable insights into consumer spending trends. Notable reports expected include those from Lowe's, Macy’s Inc., TJX, and Best Buy. These reports come at a time when market attention is gradually shifting from corporate earnings to monetary policy prospects. There is some optimism about achieving a "soft landing" for the economy, which could potentially facilitate an environment for interest rate reductions, benefitting the equity market overall. Eurozone inflation The Eurozone is on the verge of releasing crucial inflation data on Friday, marking the last update before the European Central Bank's meeting on 7 March. January saw a slight decrease in consumer price inflation, edging closer to the ECB's target of 2% after a significant spike in 2022. Despite this progress, the ECB has maintained high interest rates, citing ongoing concerns over wage growth. Bundesbank President Joachim Nagel emphasizes the importance of caution against premature rate cuts, especially before key wage data becomes available in the second quarter. China PMIs China is intensifying efforts to support its economic recovery, evident from significant measures such as the largest-ever cut in the benchmark mortgage rate and increased regulatory interventions to rejuvenate the equity market. Upcoming PMI data will shed light on the effectiveness of these initiatives, with expectations set for the manufacturing sector to remain in contraction, while services sector activity is anticipated to stabilise. Oil Prices Oil prices saw a nearly 3% drop last Friday, culminating in a weekly decline, influenced by a statement from a US central bank official hinting at delayed interest rate cuts. Both Brent and WTI crude experienced significant decreases over the last week. However, strong fuel demand indicators and supply concerns may contribute to a price rebound. Fed Governor Christopher Waller's comments about postponing rate cuts have implications for economic growth and oil demand, reflecting the broader market's sensitivity to inflationary pressures and their impact on energy consumption. South Africa News According to analysts, Finance Minister Enoch Godongwana's 2024 national budget proposal appears to be strategically crafted with the upcoming election in view. They suggest that the budget aims to bolster the ruling party's electoral prospects by enhancing social support programs and avoiding the introduction of new tax initiatives. ANC President Cyril Ramaphosa has challenged the DA to disclose its cadre deployment records, following the governing party's compliance with a Constitutional Court directive. This order required the ANC to submit all documents related to its cadre deployment committee for the period of 2013 to 2021 to the opposition party. These records are of private meetings the ANC leaders held to decide on appointments of senior government officials as well as of members of boards and executives of state-owned entities. In a groundbreaking development, South Africa's parliament has impeached a high-ranking judge due to misconduct. The investigation revealed that John Hlophe, the chief judge in Western Cape province, attempted to sway the opinions of justices at the nation's highest court regarding a case involving former President Jacob Zuma. In 2008, he approached two justices to ascertain their willingness to favour Mr. Zuma in a verdict related to a corruption case. Economic Calendar In the upcoming economic calendar for this week, several significant events are scheduled to take place. source: investing.com

To trade, or open a new account, contact the Unum Capital Trading Desk: E-mail: tradingdesk@unum.co.za | Call: 011 384 2923 Research Philosophy: Summary My overall goal is to convey my best interpretation of the most relevant market information in order for you, as a client to: (1) understand the potential opportunities and manage the potential risks and (2) make informed decisions around trading opportunities. All trade insights and ideas are intended to prepare and inform the trader about potentially attractive reward-to-risk opportunities with the aim of helping the client generate cash flow as part of a broader portfolio. My intention is to utilize my insights to assess the 'best probability' and consider the range of outcomes under the potential scenarios. Click here to read the full research philosophy Lester Davids Analyst: Unum Capital ➡️ Monday 26 February-2024, 06h30 | TALKING POINTS | One day’s candle formation does not represent a trend, however, it can provide important information about the price action dynamics for an instrument. Friday’s pre-market readings via the Tactical Trading Guide provided traders with valuable information in order to manage risk for the day ahead. To me, the standout was the failure of local-facing shares to hold their range/prior session highs versus the strength in “Rand Hedge” shares, supported by a weakening ZAR. For example, Shoprite SHP’s pre-market reading stated: “Aggressive buying but do not chase (buy). Look for overshoot on the upside or failure to hold the session/range highs to short sell back to the 8-EMA” . Intraday, the share traded above the previous session’s high however failed to hold these levels.  By the end of the session, the share lower by 3.4%, wiping out 3 days of gains. Other share that failed to hold their range highs? Truworths, Capitec Bank, Nedbank (overbought reading early in last week, Tuesday). On the other hand, as mentioned, buy/long side opportunities have presented themselves in the form of laggard, or names that have recently retraced. AGL Anglo American is one that I discussed on Tuesday morning, where the ‘distance vs the 200-week SMA’ was a feature that suggested ‘technical value’.The share closed the week at it’s highest level since 02-February (although into a declining 50-day exponential moving average). There is lots to discuss, but the data/analysis below also does a lot of the talking. Take opportunities selectively. Respect the price action/data. Know your time horizon. Get in, get out, get paid. All the best for the week ahead. ➡️ Monday 26 February-2024, 06h30 | Technical Summary: Mid & Large Caps, as of yesterday's close. To view the technical summary, click here => https://www.tradingview.com/x/qUJilciO/ ➡️ Monday 26 February-2024, 06h30 | JSE Relative Sector Regimes, as of Friday’s close. To view the data set click on the following links: Chart #1 | Chart #2 | Chart #3 ➡️ Monday 26 February-2024, 06h30 | SAP Sappi |Over the medium term, the following is noted: Positioning itself above it’s 200-day simple moving average + looking to clear a 23-month downward trend. Clearing these levels with conviction would bring 5600c and 5850c into play. [The share reached my buy/long target of 4579c from the 04-December suggested entry of 4119c]. Click here to view the chart => https://www.tradingview.com/x/wPwlYBKs/ ➡️ Monday 26 February-2024, 06h30 | VOD Vodacom |The R90 target has been reached (see original slide here), which is a multi-year swing low. Note the following: (1) a positive divergence as per the 14-day RSI and (2) a positive crossover a per the MACD technical indicator. Click here to view the chart => https://www.tradingview.com/x/LGThMv4Y/ ➡️ Monday 26 February-2024, 06h30 | CFR Richemont | The share is now higher by 34% from the chart published on Friday 20 October. Analyzing the Tactical Trading Guide, the reading points to an extended technical position where the buy/long reward-to-risk is unappealing. As of Friday’s close, the reading and chart is as follows: ➡️ Monday 26 February-2024, 06h30 | TGA Thungela Resources |Distance Divergence: Despite the share trading at it’s lowest level in 2 years, the share is trading at a close distance vs it’s 200-day SMA than the percentage print at the previous swing low.      Initial risk/warning highlighted at R289 (October 2022 - Click here to view the original chart) Click here to view the chart => https://www.tradingview.com/x/jhpDzpt1/ ➡️ Monday 26 February-2024, 06h30 | JSE Banks vs JSE Top 40 Index |Relative Unwind | On Thursday, my JSE Relative Sector Screen showed that the banks were overbought relative to the JSE Top 40 Index (see graphic below), for the short term and ultra short term time frames while the Tactical Trading Guide stated that traders should monitor for failure to hold the previous session/range highs. Click here to view the chart => https://s3.tradingview.com/snapshots/g/glJsYrqF.png ➡️ Monday 26 February-2024, 06h30 | Satrix Resources (STXRES) vs Satrix Financials (STXFIN) | The ratio chart is trading around a key inflection point i.e. the previous breakout level seen in 2020. In addition, the ratio is printing a positive divergence as per the 14-day RSI, which could be a precursor to a bullish reversal. Click here to view the chart => https://s3.tradingview.com/snapshots/c/cNUWk9yX.png ➡️ Friday 23 February-2024, 06h30 | Technical Summary: Mid & Large Caps, as of yesterday's close. To view the technical summary, click here => https://www.tradingview.com/x/iI2Fupm2/ ➡️ Friday 23 February-2024, 06h30 | JSE Relative Sector Regimes, as of yesterday’s close. To view the data set click on the following links: Chart #1 | Chart #2 | Chart #3 ➡️ Friday 23 February-2024, 06h30 | AMS Anglo American Platinum | Yesterday’s pre-market reading as per the Tactical Trading Guide (short term, 1 to 10 days): “Reward to risk becoming attractive for a buy/long position”. End of day/intraday: Large ‘Inside bar’ candle formation following Wednesday’s large red candle near the tail end of an already extended move + small positive divergence (14-day Relative Strength Index). Click here to view the chart => https://s3.tradingview.com/snapshots/m/MV5rSOfm.png ➡️ Friday 23 February-2024, 06h30 | TRU Truworths | Strong upside follow-through from the early-January setup (original chart here) which looked for a print into horizontal support and a bullish reversal. From a low of ~6800c, the share traded at a high of 8023c during yesterday’s session. Rating as of yesterday’s close. This would be an optimal level to reduce the buy/long + monitor for subsequent failure to hold yesterday’s highs. Click here to view the chart => https://s3.tradingview.com/snapshots/j/jqwvDwxk.png ➡️ Friday 23 February-2024, 06h30 | SOL Sasol Ltd | Yesterday’s pre-market readings for the short term (1-10 days), medium term (2 to 4 weeks) and long term (5 to 8 weeks) all stated the same: “The reward to  risk is becoming attractive for a buy/long position”. The same across all three time frames suggests that the share was deeply oversold and possibly due a rebound. The share closed higher by 4.13% on the day. It’s a start. Now to see a base build and the buying pressure outweighing the selling pressure. Do note that on Monday 26-Feb earnings are set to be released. This creates 'event risk'. Click here to view the chart => https://s3.tradingview.com/snapshots/v/VxbPoxZ9.png ➡️ Friday 23 February-2024, 06h30 | NPN Naspers | As discussed Wednesday’s pre-market reading called for a potential rebound (Tactical Reading: “Expect Small Rebound”) in the share following a short term pullback. Wednesday’s low of the day was in line with Tuesday’s daily range while yesterday we saw further upside follow-through with a high of R3342.23. If you are an ultra short term trader, then the minor rebound was an opportunity to book profits then waiting for a retracement to re-enter on the buy/long side. ➡️ Friday 23 February-2024, 06h30 | MNP Mondi plc | Further Update: Strong reversal from the suggested tactical re-entry at 31486c. High of 34244c during yesterday’s session. If you are a short term trader, you could look to trim/reduce. Click here to view the chart => https://s3.tradingview.com/snapshots/u/uDzGpArw.png ➡️ Friday 23 February-2024, 06h30 | AVI Ltd | Massive upside follow-though from the bull flag setup at R68 (published Monday 24 July). Now trading into resistance + negative divergence as per the 14-day RSI. Also noted is the share trading around 4x it’s average distance vs it’s 200-day SMA over the last decade. See the two charts below: ➡️ Thursday 22 February-2024, 12h18 | NED Nedbank Group | Monday’s end-of-day reading as per the Tactical Trading Guide (short term 1 - 10 days) stated the following: “Very strong move, buyers in control but do not chase. The share may fail at it’s attempt to hold it’s highs, which will present an opportunity to short/sell back to the 8-day EMA”. Over the 3 days, the share has retraced from a high of R230 to today’s low of R224.30 which was in line with the 8-EMA (short/sell target as per the TTG). Click here to view the chart => https://s3.tradingview.com/snapshots/x/XY18cP2W.png ➡️ Thursday 22 February-2024, 11h43 | Copper/Gold Ratio | The relative/ratio chart is used as an input to determine the health of the global economy. My technical analysis of the ratio chart highlights the following: (1) Several months of support at a defined horizontal level (positive factor) (2) Price below it’s declining 200-day simple moving average (negative factor) (3) Price attempting to clear the 1-year downward trend line (positive factor). Click here to view the chart => https://s3.tradingview.com/snapshots/2/2KGOLuXV.png ➡️ Thursday 22 February 2024, 06h30 | JSE Top 40 Index | Analyst Comment: The 66072 level has remained support, with buying off the lows during yesterday's session | Short Term Rating: Neutral | Price vs 8/21-EMA: Below | Price vs 50-EMA: Below | Price vs 200-day SMA: Below Click here to view the chart=> https://s3.tradingview.com/snapshots/y/YoUY8tb0.png ➡️ Thursday 22 February 2024, 06h30 | Selected Shares From The Tactical Trading Guide: Click on the share to view the reading & chart | NPN Naspers | SBK Standard Bank | BHG BHP Group | ➡️ Thursday 22 February 2024, 06h30 | Technical Summary: Mid & Large Caps, as of yesterday's close. To view the technical summary, click here => https://www.tradingview.com/x/Lx5Iu7Rv/ ➡️ Thursday 22 February 2024, 06h30 | CPI Capitec Bank | If the share fails to hold it's range highs, that could represent an opportunity to sell/short. Click here to view the chart => https://s3.tradingview.com/snapshots/v/vUvMGO8d.png ➡️ Thursday 22 February 2024, 06h30 | JSE Relative Sector Regimes, as of yesterday's close. To view the data set click on the following links: Chart #1 | Chart #2 | Chart #3 ➡️ Thursday 22 February 2024, 06h30 | JSE Relative Sector Ratings, as of yesterday's close. ➡️ Wednesday 21 February-2024, 15h15 | Invesco Trust Nasdaq 100 ETF (QQQ) | Key Points (1) Breach of horizontal support (2) Potential to close unfilled gap at $422.38 (3) Weak Regime (4) Breach of incline support. Click here to view the chart => https://s3.tradingview.com/snapshots/w/wYdaqsmE.png ➡️ Wednesday 21 February-2024, 12h01 | S&P 500 Index Future (ES1) | While we have seen breadth deteriorate over several weeks, the index has managed to maintain it's elevated levels, supported by narrow stock leadership among selected large cap constituents. This is dynamic changing as the index is showing signs of weakness and starting to unwind from these highs, while the momentum indicators (14-day RSI as one of them) has started to print new multi-week lows. Click here to view the chart => https://s3.tradingview.com/snapshots/g/gaa6UQYF.png ➡️ Wednesday 21 February-2024, 09h45 | BID Corp | The pullback in the BID share price isn't unexpected and was highlighted by the Tactical Trading Guide at the end of day on Thursday 01 February which stated the following: "Aggressive buying but overbought on the lower time frame. Expect a consolidation or minor retracement". From around R470, we have seen the share unwind to near R422 with further selling today on the back of it's results (these we strong results with the highlights as follows: Revenue R113,8 billion, up 24,0% • Trading Profit R5,9 billion, up 20,8% • HEPS 1152,4 cents, up 18,6% • EPS 1143,8 cents, up 17,6% • Cash generated by operations (before working capital) up 11,3% to R6,8 billion • Interim dividend declared up 19,3% to 525,0 cents per share"). The share has retraced into it's 200-day SMA with buying off the lows (at the time of writing). Also note at today's lows, the share is near it's previous breakout level. Click here to view the chart => https://s3.tradingview.com/snapshots/8/846JVHTJ.png Note: I also discussed BID on Monday 05 February at R470 (see extract below), highlighting a less-than-favourable buy/long reward-to-risk. ➡️ Wednesday 21 February-2024, 07h55 | NPN Naspers Ltd | With Tencent +3% in Hong Kong this morning, it is likely that NPN rebounds in line with this move. As per yesterday's end of day tactical trading guide, the short term reading (1-10 days) is as follows "...expect a small rebound". See below: Also note, NPN having retraced into it's rising 50/100-EMA range, while also close to filling the unfilled gap. Click here to view the chart => https://s3.tradingview.com/snapshots/f/FZzPvzPn.png ➡️ Wednesday 21 February-2024, 06h30 | Flash Comments - Pre-Market Tuesday, 21 February 2024 | CLS Clicks: strong candle | WHL Woolworths: strong candle | SPP Spar: breaking below multi-month support | CFR Richemont: Negtaive divergence starting to reflect in the price. ➡️ Wednesday 21 February-2024, 06h30 | Technical Summary: Mid & Large Caps, as of yesterday's close. To view the technical summary, click here => https://www.tradingview.com/x/jtgFV3mo/ ➡️ Wednesday 21 February-2024, 06h30 | JSE Top 40 Index | The resistance levels around the declining 8 and 21-EMA range held on Friday and Monday, with the index struggling to surpass this range. The pre-determined resistance area of 67409 also held, coinciding with the exponential moving averages. Also note the price below it's 75-EMA which is showing a downside bias. Click here to view the chart => https://s3.tradingview.com/snapshots/2/2eBXXRBe.png ➡️ Wednesday 21 February 2024, 06h30 | JSE Relative Sector Regimes, as of yesterday's close. To view the data set click on the following links: Chart #1 | Chart #2 | Chart #3 ➡️ Wednesday 21 February-2024, 06h30 | NED Nedbank Group | Coming in yesterday, NED was the only share is a short term overbought range, as per the technical summary. We saw the share negative on the day but holding near the range highs. If it becomes too extended (for example a pint near R234 to R238), then a tactical back to the breakout level would make sense. Otherwise, the breakout level back at R220 is a logical range to consider a buy/long re-entry. Click here to view the chart => https://s3.tradingview.com/snapshots/i/I7c6R1wo.png ➡️ Wednesday 21 February-2024, 06h30 | MNP Mondi Plc | For active traders, there is money to be made, however, you have to remain vigilant and act swiftly. "Get in, get out, get paid". I discussed Mondi on 05-Feb where I expected it to trade into the 31486c level, ,which was the 200-day and the previous swing low. The official low was 31400c from which we have since seen a rebound to a high of 33357c during yesterday's session. For those who make use of the Tactical Trading Guide, you may recall the readings at the end of day on 08 February (swing low). "...Expect a small rebound" - See the timestamped extract below: Click here to view the updated chart => https://s3.tradingview.com/snapshots/y/yCPTBuYD.png ➡️ Tuesday 20 February-2024, 08h46 | FX: USD/ZAR [Linear Regression Analysis 21-Days] ➡️ Range: (0) Mean [Technical Fair Value] ➡️Range of Price Action Outcomes In This Zone: (1) consolidates in this range or (2) finds buyers on an intraday basis, then clears the range highs (3) finds sellers on an intraday basis, then breaches the range lows. ➡️Trader’s Potential Action In This Range: Look for: (1) Consolidation followed by: (1) failure to hold highs, with strong offers or (2) holding highs, with strong bids. Click here to view the chart => https://www.tradingview.com/x/w0WAjl62/ ➡️ Tuesday 20 February-2024, 08h41 | JSE Top 40 Index [Linear Regression Analysis 21-Days] ➡️ Range: (0) Mean [Technical Fair Value] ➡️Range of Price Action Outcomes In This Zone: (1) consolidates in this range or (2) finds buyers on an intraday basis, then clears the range highs (3) finds sellers on an intraday basis, then breaches the range lows. ➡️Trader’s Potential Action In This Range: Look for: (1) Consolidation followed by: (1) failure to hold highs, with strong offers or (2) holding highs, with strong bids. Click here to view the chart => https://www.tradingview.com/x/SRTb5jcB/ ➡️ Tuesday 20 February-2024, 06h30 | Technical Screen: Price vs 75-Day EMA | Ascertaining an instrument's price vs it's 75-day exponential moving average is an effective way of measuring short to medium term reward-to-risk. The accompanying tables highlight the top 10 most extended vs the 75-EMA on both the up and the downside. Red shaded area = nearing expensive (sell/reduce). Blue shaded area = nearing cheap (buy/add). ➡️ Tuesday 20 February-2024, 06h30 | CFR Richemont | The is +30% from my chart/comment citing the potential for a piercing candle which is a bullish reversal setup [See the original chart here.] The recovery has been driven by a change in sentiment with regard to the luxury sector (globally). The short term trend is higher, therefore a short/sell from at or current levels could be considered a risky trade, however here are some factors that may suggested the share is nearing short term overbought conditions: (1) trading at the upper boundary of it's 200-day linear regression channel (2) trading 12% above it's 50/100-EMA range (3) MACD histogram losing momentum (4) minor divergence on the 14-day RSI. Note: there is a gap at R3157 that has the potential to be be filled (on the upside). Upward momentum is strong but if the share fails to hold the range then that could present an opportunity for ultra short term/short term traders Click here to view the chart => https://s3.tradingview.com/snapshots/1/1L9XtGNM.png ➡️ Tuesday 20 February 2024, 06h30 | AGL Anglo American Plc | DISTANCE: Relative to the Top 40 Index, AGL is extended vs it's 200-week by the most (%) since late-2016. On an absolute basis, the AGL is extended vs it's 200-week by the most (%) since August 2016. These extensions may be indicative of a 'technical value zone' and a potentially appealing reward-to-risk on a buy/long side. Click here to view the chart => https://www.tradingview.com/x/HiDscqgH/ [One year ago (January & February 2023) I discussed (via this research platform) the risk for potential downside in the share. Since the first comment in January at R752, the share has lost 47% to a low of R395. Original comments/charts can be viewed here and here.] ➡️ Tuesday 20 February-2024, 06h30 | Technical Summary: Mid & Large Caps, as of yesterday's close. To view the technical summary, click here => https://www.tradingview.com/x/jUg1whIn/ ➡️ Tuesday 20 February 2024, 06h30 | JSE Relative Sector Regimes, as of yesterday's close. To view the data set click on the following links: Chart #1 | Chart #2 | Chart #3 ➡️ Tuesday 20 February-2024, 06h30 | Tactical Trading Guide (Share Commentary): Largest 40 Shares By Market Cap. Click here to access the data set => https://www.unum.capital/post/tactical-trading-guide ➡️ Monday 19 February 2024, 14h41 | S&P 500 Index (E-Mini Future) | Further to my previous comments around the extension of the index (e.g. deteriorating breadth), the chart highlights the distance divergence versus the 50/100-EMA range (i.e. 75-EMA). While the index has developed high highs, the distance vs the EMA is printing lower highs. See previous annotations on the chart (vertical lines). Click here to view the chart => https://www.tradingview.com/x/uFSdciDS/ ➡️ Monday 19 February 2024, 06h30 | TALKING POINTS | ➡️ US Equities: negative closes on the S&P500, Nasdaq, Dow Jones and Russell 2000 indices ➡️ US 10-Year yield breaking out of a 3-week range, remains above it's rising 8, 21-EMA ➡️ Brent Crude Oil: at the upper end of a multi-month range ➡️ JSE: Strong rebound to close near the highs of the week, but below it's declining 21-day exponential moving average ➡️ JSE Sectors: Banks showing relative strength; Diversified Miners - a late-week recovery near multi-month lows. JSE Telecoms at multi-year lows ➡️ SA Budget (Wed, 21-Feb) ➡️ US earnings season continues, big focus on Nvidia (Wed, 21-Feb) + among others, Home Depot, Walmart, Etsy & Berkshire Hathaway ➡️ Federal Reserve Open Market Committee (FOMC) Minutes on Wed, 21-Feb. ➡️ Monday 19 February-2024, 06h30 | My Global Risk Index is comprised of the following components. (1) Copper (2) High Beta vs Low Beta (3) Growth vs Value (4) EM Currencies (5) AUD/USD (6) Consumer Staples vs Consumer Discretionary (7) Semiconductors vs S&P 500 (8) Russell 2000 ETF (9) U.S. Dollar Index (Inverse). Rising Trend Line = Risk On; Falling Trend Line = Risk Off. Click here to view the chart => https://www.tradingview.com/x/GItllWDI/ ➡️ Monday 19 February-2024, 06h30 | Technical Summary: Mid & Large Caps, as of Friday's close. To view the technical summary, click here => https://www.tradingview.com/x/tucgZdZG/ ➡️ Monday 19 February 2024, 06h30 | JSE Relative Sector Regimes, as of Friday's close. To view the data set click on the following links: Chart #1 | Chart #2 | Chart #3 ➡️ Monday 19 February-2024, 06h30 | Satrix Resources (STXRES) vs Satrix Financials (STXFIN) | The ratio chart is trading around a key inflection point i.e. the previous breakout level seen in 2020. In addition, the ratio is printing a positive divergence as per the 14-day RSI, which could be a precursor to a bullish reversal. Click here to view the chart => https://www.tradingview.com/x/qwYlmn8r/ ➡️ Monday 19 February 2024, 06h30 | JSE Staples/JSE Discretionary x USDZAR x Rand-Oil Price | The ratio chart of Staples vs Discretionary shares gives us important information with regard to the type of environment that we are in, or point to an environment that we may find ourselves in. Does the ratio moving lower (upper panel) point to a strong Rand (middle panel) as well as a lower Rand-Oil price (lower panel)? Click here to view the chart => https://www.tradingview.com/x/oxvsEv6f/ ➡️ Monday 19 February 2024, 06h30 | JSE Banks vs JSE Insurers | Within the financials space, how might traders want to be positioned? The ratio chart considers the performance of banks relative to insurers. Line Up = Banks Outperforming Insurers / Line Down = Banks Underperforming Insurers Click here to view the chart => https://www.tradingview.com/x/Q3prjRPA/ ➡️ Monday 19 February 2024, 06h30 | ANG Anglogold Ashanti | Consolidating below it's 200-day simple moving average (which is starting to turn lower) / Stuck below it's 200-week simple moving average. Click here to view the chart => https://www.tradingview.com/x/2JzKT4xE/ ➡️ Monday 19 February-2024, 06h30 | NED Nedbank | Breakout + Approaching The Target | ABSOLUTE & RELATIVE | On 11 January I discussed the multi-month base and the R220 level as a pivot for further potential upside. On an absolute basis, NED traded at a 6-month high during Friday's session while on a relative basis (vs the JSE Top 40 Index), the share is trading at a 14-month high (best level since December 2022). Both the absolute and relative price action/candle structures are constructive. Click here to view the chart => https://www.tradingview.com/x/X1zsyeYZ/ ➡️ Monday 19 February-2024, 06h30 | The Pros and Cons of Standard Bank (SBK) | PROs: (1) Accelerating to upside within a consolidation zone, at multi-month highs (2) Relative strength versus the broader market (3) Friday saw above-average volume (4) Strong candle structure (5) Could be a beneficiary of flows back into Emerging Markets. Click here to view the chart => https://s3.tradingview.com/snapshots/3/3Ewd1nQz.png Cons: (1)Approaching multi-month swing highs (2) Extended by 37% versus it's 200-week SMA. Although this extension can persist, it is one of the highest readings in several years. Click here to view the chart => https://www.tradingview.com/x/L47Tkq7z/ ➡️ Monday 19 February-2024, 06h30 | SSW Sibanye Stillwater | The risk is that the share trades toward the lower boundary of the multi-year channel. The technical 'margin of safety' is that the share is trading 53% below it's 200-week simple moving average. By historical measures, this coincides with an appealing reward-to-risk on the buy/long side. Also note the inside bar being printed last week (along with Impala Platinum). Click here to view the chart => https://www.tradingview.com/x/3LPRjPtw/ ➡️ Monday 19 February-2024, 06h30 | Impala Platinum | Sticking with the platinum sector, Impala Platinum also finds itself near multi-year lows. As you may have previously seen, I have used 'DISTANCE vs Moving Average' as a tool to identify risks and potential opportunities. Last year, on Monday 27 March 2023, I published a chart which showed the share breaking below it's 200-week SMA in a similar manner to that of the previous breakdown which led to a 'continuation sell' signal. From R166.87 at the time, the share has since tested a low of 6158c. At current levels, the share trades at 61% below it's 200-week simple moving average. By historical measures, this is NEAR cycle troughs (may NOT BE the exact bottom) and has coincided with 'VALUE LEVELS' in the share. IMP: The original chart (Monday, 27 March 2023) is shown below. ➡️ Monday 19 February-2024, 06h30 | Tactical Trading Guide (Share Commentary): Largest 40 Shares By Market Cap. Click here to access the data set => https://www.unum.capital/post/tactical-trading-guide ➡️ Friday 16 February 2024, 12h57 | SPDR Energy Sector (XLE ETF) vs Russell 3000 (IWV ETF) | What does this chart highlight? The performance of the energy sector relative to the average US stock, as represented by the Russell 3000 (IWV ETF) | Why is it significant? The following factors shows the potential for the start of a bottoming formation: (1) Strong candle structure (2) bullish divergence as per the 14-day RSI (3) bullish divergence as per the MACD. The aforementioned factors suggests that traders should continue to seek opportunities in the energy sector. CLICK HERE TO VIEW THE CHART => https://s3.tradingview.com/snapshots/g/gXyeqnNN.png ➡️ Friday 16-February-2024, 06h30 | Technical Summary: Mid & Large Caps, as of yesterday's close. To view the technical summary, click here => https://www.tradingview.com/x/B79ZZb7P/ ➡️ Friday 16 February 2024, 06h30 | JSE Top 40 Index (J200) | The pre-market '1st support zone' was recognized by market participants as an intraday value zone'. This follows yesterday's rebound around the same level. The index found intraday resistance around the pre-market level of 66821, which is just below the declining 8-EMA. Key support/resistance levels are shown on the chart. CLICK HERE TO VIEW THE CHART => https://www.tradingview.com/x/qv3w11uc/ ➡️ Friday 16 February 2024, 06h30 | IMP Impala Platinum | On Tuesday morning, I discussed Monday's inside bar in the form of a 'doji' formation, which was subsequent to Friday's large red candle following an extended downward trend. On Tuesday and Wednesday we saw a base develop, while yesterday the oversold conditions were unwound with a strong move to the upside (+5.46%). CLICK HERE TO VIEW THE CHART => https://www.tradingview.com/x/uyG14YCA/ ➡️ Friday 16 February 2024, 06h30 | MTN Group | Downward Momentum Slowing? | The share in a high bearish momentum phase and risks a further correction down to the previous low of ~8700c. It should however be noted that the MACD is showing early signs of a potential bullish crossover (+ slowing histogram) while the 14-day RSI is developing a positive divergence. CLICK HERE TO VIEW THE CHART => https://www.tradingview.com/x/ppbp1T2v/ ➡️ Friday 16 February 2024, 06h30 | JSE Relative Sector Regimes, as of yesterday's close. To view the data set click on the following links: Chart #1 | Chart #2 | Chart #3 ➡️ Friday 16-February-2024, 06h30 | Tactical Trading Guide (Share Commentary): Largest 40 Shares By Market Cap. Click here to access the data set => https://www.unum.capital/post/tactical-trading-guide ➡️ Thursday 15-February-2024, 06h30 |Gold Miners (Equally-Weighted) are threatening to break down relative to the JSE Top 40 Index | This means that the sector could continue to underperform the overall market. CLICK HERE TO VIEW THE CHART => https://www.tradingview.com/x/QgUxg99f/ ➡️ Thursday 15-February-2024, 06h30 | SLM Sanlam & Sanlam vs Top 40 | On an absolute basis, Sanlam is trading just below multi-year highs, however, having traded in a tight range for several weeks. This is a healthy technical development. On a relative basis, the share is trading near 52-week highs versus the broader markets (Top 40 as a proxy). Also note yesterday's elevated volume. This is a potential swing buy/long (continuation) trade setup. CLICK HERE TO VIEW THE CHART => https://www.tradingview.com/x/fkhvm0Kx/ ➡️ Thursday 15-February-2024, 06h30 | JSE Coal Miners (Equally-Weighted) Relative To The JSE Top 40 Index | This is not a trading signal but rather an observation which highlights a short term technical development. This is a ratio chart which highlighted JSE Coal Miners (EXX, TGA) Equally-Weighted Relative To The JSE Top 40 Index. The lower panel shows a small positive divergence as per the 14-day RSI while the upper panel shows a bullish crossover on the MACD. CLICK HERE TO VIEW THE CHART => https://www.tradingview.com/x/TckR1pRi/ ➡️ Thursday 15-February-2024, 06h30 | Technical Summary: Mid & Large Caps, as of yesterday's close. To view the technical summary, click here => https://www.tradingview.com/x/HCpXaXCI/ ➡️ Thursday 15-February-2024, 06h30 | JSE Relative Sector Regimes, as of yesterday's close. To view the data set click on the following links: Chart #1 | Chart #2 | Chart #3 ➡️ Thursday 15-February-2024, 06h30 | JSE Top 40 Index (J200) | The pre-market '1st support zone' was recognized by market participants as an intraday value zone'. This follows several days of selling pressure which saw the index shift below it's now downward-trending 8, 21-EMA range. CLICK HERE TO VIEW THE CHART => https://www.tradingview.com/x/Ajt6rJkb/ ➡️ Thursday 15-February-2024, 06h30 | JSE Top 40 Index: Linear Regression Analysis 21-Days ➡️ Range: (-1) Lower [High Bearish Momentum]  ➡️Range of Price Action Outcomes In This Zone: (1) opens higher, then finds sellers on an intraday basis, possibly at the 8-EMA or (2) opens lower, trades into the oversold range, opening up a potential buy/long trade ➡️Trader’s Potential Action In This Range: (1) Consider, or start a small buy/long position (for e.g. 1/3) or monitor for candle structure which suggests that downside momentum is slowing (doji, long lower tail, pin bar etc) or (2) Consider starting to reduce existing short/sell position. CLICK HERE TO VIEW THE CHART => https://www.tradingview.com/x/HAxFKu4a/ ➡️ Thursday 15-February-2024, 06h30 | Tactical Trading Guide (Share Commentary): Largest 40 Shares By Market Cap. Click here to access the data set => https://www.unum.capital/post/tactical-trading-guide ➡️ Wednesday 14-February-2024, 19h01 | PLATINUM | In preparation for tomorrow notes, these are the short term technical developments I'm seeing on the Platinum chart. CLICK HERE TO VIEW THE CHART => https://www.tradingview.com/x/SfR8zwsw/ ➡️ Wednesday 14-February-2024, 06h30 | TALKING POINTS | Last week Monday, I highlighted several key factors related to market breadth for the S&P 500 Index, which provided key information with regard to the underlying deterioration in light of the index trading at record highs. In case you may have missed it, my comments were as follows: "Record Highs, However, Here Are Some Statistics To Consider:➡️ Only 64% of shares are trading above their 50-day moving average versus 91% on 02-January. This is a bearish divergence. ➡️ Only 70% of shares are trading above their 200-day moving average versus 78% on 02-January. This is a bearish divergence.➡️ The Equity Risk Premium is at it's lowest level since 2021. ➡️ The percentage of shares with RISING moving averages is starting to roll over." Over the course of the week, the number of shares making new lows outpaced those making new highs, which further reinforced the view that the reward-to-risk at the index level was unappealing. Yesterday's high-than-expected inflation print exposed the underlying 'risk-off' positioning which had been developing over several weeks. The research which I publish falls into two categories: (1) OPPORTUNITIES, which is direct trade ideas and (2) INIGHTS, which is key data/charts that is conveyed to help clients understand various key aspects of the market. The charts below (insights) were highlighted here last week and were vital to understanding the broader reward-to-risk dynamics. Overnight, US markets closed sharply lower, confirming the underlying data below. ➡️ Wednesday 14-February-2024, 06h30 | JSE Top 40 Index (J200) | For the better part of the session, indecision was the order of the day as the trading range remained narrow with the development of a 'doji' candle structure in the run-up to the US CPI print. Much of the trading took place just below the declining 8 & 21-Day Exponential Moving Average (EMA) as well as below the previous short term breakdown level i.e. 67409. As discussed on Monday, the declining 8-EMA would prove a challenge to bulls with the level being the first upside resistance zone on any rebound. Yesterday we saw this development come to fruition with the high of the day being into the intersection of the declining 8/21-EMA followed by a sharp sell-off into the afternoon and a close near the lows of the day. The candle structure is reflective of sellers continuing to control the short term trend. The support/resistance levels are highlighted on the chart. CLICK HERE TO VIEW THE CHART => https://www.tradingview.com/x/gnlHrpUY/ ➡️ Wednesday 14-February-2024, 06h30 | JSE Relative Sector Regimes, as of yesterday's close. To view the data set click on the following links: Chart #1 | Chart #2 | Chart #3 ➡️ Wednesday 14-February-2024, 06h30 | Technical Summary: Mid & Large Caps, as of yesterday's close. To view the technical summary, click here => https://www.tradingview.com/x/JdX3SH5s/ ➡️ Wednesday 14-February-2024, 06h30 | Tactical Trading Guide (Share Commentary): Largest 40 Shares By Market Cap. Click here to access the data set => https://www.unum.capital/post/tactical-trading-guide ➡️ Tuesday 13-February-2024, 14h18 | CNYUSD vs Satrix Resources (STXRES). What does this chart highlight? The divergence between the Satrix Resources ETF/Portfolio and the Chinese Yuan/US Dollar currency pairs. Why is it significant? While the STXRES ETF has printed lower lows, the CNYUSD currency pair has printed higher lows. The gradual bullish reversal in the CNYUSD pair could be indicative of a potential bullish reversal in STXRES. CLICK HERE TO VIEW THE CHART => https://www.tradingview.com/x/FbSnwAPT/ ➡️ Tuesday 13-February-2024, 13h52 | S&P 500 Index (SPY ETF) vs iShares 20-Year Treasury Bonds (TLT ETF) | What does this chart highlight? The divergence between equity gains on the S&P 500 and Bonds. Why is it significant? The previously close correlation could revert to the mean, which could see equities moving lower WITH bonds. CLICK HERE TO VIEW THE CHART => https://www.tradingview.com/x/DATV3dBw/ ➡️ Tuesday 13-February-2024, 13h45 | Brent Crude Oil vs US 10-Year Bond Yields | With energy/oil being a large part of the inflation basket, I compare the two instruments, with the upper panel showing Brent Crude Oil ticking higher while US 10-Year Bond Yield following a similar trajectory. Further gains in oil could lead to higher bond yields, which in turn might be a negative for equities. CLICK HERE TO VIEW THE CHART => https://www.tradingview.com/x/rYCrkxxA/ ➡️ Tuesday 13-February-2024, 06h30 | US Equity Factor Performance (1 Day) ➡️ Tuesday 13-February-2024, 06h30 | Technical Summary: Mid & Large Caps, as of yesterday's close. To view the technical summary, click here => https://www.tradingview.com/x/aTzL8bZQ/ ➡️ Tuesday 13-February-2024, 06h30 | JSE Relative Sector Regimes, as of yesterday's close. To view the data set click on the following links: Chart #1 | Chart #2 | Chart #3 ➡️ Tuesday 13-February-2024, 06h30 | STXRES Satrix Resources/JSE Diversified Miners | On an absolute basis, there are two points to note: (1) the ETF is in a strong downward trend however, may be nearing an inflection point with the price nearing the prior demand supply zone. In addition, yesterday the ETF saw it's highest volume in just over a month. CLICK HERE TO VIEW THE CHART (2) On a RELATIVE BASIS, the JSE Diversified Miners printed an 'inside bar' vs the JSE Top 40 Index. CLICK HERE TO VIEW THE CHART ➡️ Tuesday 13-February-2024, 06h30 | Impala Platinum (IMP) | Significant de-rating from R93 to R62. Monday's pre-market reading highlighted the share being in an oversold range with the medium (2 to 4 weeks) and long term (5 to 8 weeks) readings stating that the 'reward-to-risk is becoming attractive for a small buy/long position'. Also note the following: Friday's close was a large bearish candle which is within a downward trend that is mature. This was followed by a 'doji candle' (indecision) that developed during the Monday's session. CLICK HERE TO VIEW THE CHART => https://www.tradingview.com/x/12z6Spi1/ ➡️ Tuesday 13-February-2024, 06h30 | Shoprite Holdings (SHP) | Last week Wednesday's (highlighted) bear flag formation is starting to unfold with the share having tested it's lowest level since January. Also note the above-average volume on the move lower (2nd highest volume since September). CLICK HERE TO VIEW THE CHART => https://www.tradingview.com/x/hSb2Igge/ ➡️ Tuesday 13-February-2024, 06h30 | Update: Cybersecurity ETFs | Strong Follow-Through For iShares MSCI Cybersecurity & Tech (IHAK) | This has been one of the strongest sectors of the market, with the themes being structural in nature as opposed to cyclical. On Friday, the ETF closed at an all-time high of $49.50 vs the $36.60 at the time of publication in May of last year. This marks a +35% on the instrument. Over the same period, the return for the top 3 holdings are as follows: SentinelOne (S) +105%, CrowdStrike (CRWD) +115% and CyberArk Software (CYBR) +66%. CLICK HERE TO VIEW THE CHART => https://www.tradingview.com/x/yD0EFzBB/ To trade international shares, you will need to open an offshore account. To get started, contract the Unum Capital Trading Desk today. ➡️ Tuesday 13-February-2024, 06h30 | Tactical Trading Guide (Share Commentary): Largest 40 Shares By Market Cap. Click here to access the data set => https://www.unum.capital/post/tactical-trading-guide ➡️ Monday 12-February-2024, 16h03 | QCOM Qualcomm Inc | Trade Alert - published to CMS and Telegram Group CLICK HERE TO VIEW THE CHART => https://www.tradingview.com/x/75oBx7qk/ ➡️ Monday 12-February-2024, 10h56 | JSE Top 40 Index - Short Term Technical Analysis | The index trades at a 2 1/2 week low, with the price just below (in close proximity to) it's 8 & 21-day exponential moving averages. Both of these EMAs have started to turn down which may be reflective of a potential acceleration of the short term downward which has already commenced. The candle structure (as of the time of writing i.e. 10:50am) shows a 'doji' which suggests indecision between buyers and seller or measure of a equal control for the session. An ultra short term rebound in price is likely to be rejected at the intersection of the declining 8/21-EMA. Long term, the index remains below it's 200-day simple moving average, which has a flat to downward trending bias. CLICK HERE TO VIEW CHART => https://www.tradingview.com/x/6oS0cSS7/ JSE Top 40 Index Multiple Time Frame Regimes => https://www.tradingview.com/x/WyNHINI1/ ➡️ Monday 12-February-2024, 06h30 | Technical Summary: Mid & Large Caps, as of Friday's close. To view the technical summary, click here => https://www.tradingview.com/x/E5LLs2Zu/ ➡️ Monday 12-February-2024, 06h30 | JSE Relative Sector Ratings, as of Friday's close. CLICK HERE TO VIEW DATA => https://www.tradingview.com/x/Rvx7n7RW/ ➡️ Monday 12-February-2024, 06h30 | JSE Relative Sector Regimes, as of Friday's close. To view the charts, click on the following links: Chart #1 | Chart #2 | Chart #3 ➡️ Monday 12-February-2024, 06h30 | JSE Industrials. The global industrial sector has been one of the strongest, with the group making new all-time highs in the United States (see the XLI ETF). Earnings from various sub-sectors has validated the price action, with multiple companies exceeding analyst expectations while also raising their outlooks for the upcoming year. The sentiment may be filtering through to the local market, with JSE Industrials (using the STXIND ETF as a proxy), also looking to emerge from a multi-month consolidation zone (CLICK HERE TO VIEW THE WEEKLY CHART). Comparing the STXIND ETF to the Top 40 Index, the group is re-emerging with the ratio chart reflecting the group breaking out of a 4-year base. CLICK HERE TO VIEW CHART => https://www.tradingview.com/x/0DhiDeXp/ ➡️ Monday 12-February-2024, 06h30 | CFR Richemont | The luxury sector continues to show signs of recovery with CAC-listed Hermes reporting strong sales growth (Q4 2023 +17% vs analyst expectations of +14%). This bodes well for the potential of CFR to continue it's move higher. On a relative basis, the share has continued to trend higher, having reversed off the lower boundary of the gradual upward trending channel. CLICK HERE TO VIEW CHART => https://www.tradingview.com/x/2t7bhtMu/ ➡️ Monday 12-February-2024, 06h30 | NPN Naspers Ltd vs JSE Top 40 Index | This remains a high risk share however it should be noted that Naspers is breaking out to a 2 & 1/2 year relative high versus the broader market. CLICK HERE TO VIEW CHART => https://www.tradingview.com/x/2KUb30Dk/ ➡️ Monday 12-February-2024, 06h30 | SOL Sasol Ltd | Breaking the lower boundary of it's downward trending channel (CLICK HERE TO VIEW CHART). The bigger picture structure continues to play out (lower). The share is down by 75% in US Dollar terms. CLICK HERE TO VIEW CHART => https://www.tradingview.com/x/mX8n4Uuv/ ➡️ Monday 12-February-2024, 06h30 | MTN Group | The OVERBOUGHT conditions are the previous demand-supply zone as well as the reading via the tactical trading guide and guarded clients against participating on the buy/long side. Subsequently we have seen the share unwind sharply with the high bearish momentum suggesting that the share could revisit it's multi-month lows at 8700c printed on 02 November 2023. CLICK HERE TO VIEW CHART => https://www.tradingview.com/x/VvhxpHsu/ ➡️ Monday 12-February-2024, 06h30 | GRT Growthpoint Properties Relative To The JSE Top 40 Index | The monthly RSI is clearing a 12-year downward trend combined with positive divergence. Also note the upper panel reflecting a positive divergence. CLICK HERE TO VIEW CHART => https://www.tradingview.com/x/8BNvGhaw/ ➡️ Monday 12-February-2024, 06h30 | Long Term Signals: Relative To The JSE Top 40 Index | CLICK HERE TO VIEW CHARTS => MRP Mr Price | BVT Bidvest Group | SPP Spar Group ➡️ Friday 09-February-2024, 06h42 | FX: GBP/JPY | Following a multi-month consolidation, a new trading range is looking to be established. Bias: Buy/Long. Click here to view the chart => https://www.tradingview.com/x/ytLTDnSS/ ➡️ Friday 09-February-2024, 06h30 | Technical Summary: Mid & Large Caps, as of yesterday's close. To view the technical summary, click here => https://www.tradingview.com/x/3bDPJ8RQ/ ➡️ Friday 09-February-2024, 06h30 | JSE Relative Sector Regimes, as of yesterday's close. To view the data set click on the following links: Chart #1 | Chart #2 | Chart #3 ➡️ Friday 09-February-2024 | Tactical Trading Guide (Share Commentary): Largest 40 Shares By Market Cap. Click here to access the data set => https://www.unum.capital/post/tactical-trading-guide ➡️ Thursday 08-February-2024, 15h24 | GFI Gold Fields | On 02-February, GFI closed it's gap and subsequently printed a massive bearish reversal candle. The day before that, the share closed closed strongly (at the highs of the day) however, was in an OVERBOUGHT range as per the end-of-day technical summary. The Tactical Trading Guide also warned that the share was at risk of failing to hold it's highs and retracing toward it's 8-day EMA. We have seen this unfold over the last 5 sessions, with the provisional level of interest i.e. the 21/50-EMA now being a focus zone. Thus far today, this is where the share is finding support. Click here to view the chart => https://www.tradingview.com/x/fV57QhKA/ ➡️ Thursday 08-February-2024, 14h04 | NPN Naspers | Key Point: Unwinding from overbought, but remains in a bullish regime. This morning's pre-market rating for the share (via the technical summary) was OVERBOUGHT, with the tactical trading guide stating the following: "Very strong move with buyers in control however, do not chase, as the share may fail at it's attempt to hold it's highs, with would be an opportunity to short/sell back to the 8-EMA". The pre-market reading is shown below. Click here to view to the current chart => https://www.tradingview.com/x/1lj7vmyU/ ➡️ Thursday 08-February-2024, 11h41 | SPY S&P 500 ETF | The ETF remains in a high momentum regime, with the record highs in sight and the key round number i.e. 5000 in focus. To elaborate, the price remains above it's rising 8-EMA, which is above it's 21-EMA. Yesterday's high of $498.53 will be closely watch to monitor if it holds, while the downside gap at $494.41 will be focus for a potential close. As of pre-market, the 8-EMA is at $492.24 while the 21-EMA is at $485.51. Consider the following: a if the share rises above it's previous day's high and fails, this could signal an exhaustion of the current bullish momentum and a precursor to a potential reversal. Candle structures that could signal a bearish reversal: 'long upper tail', 'dark cloud cover'. Click here to view the chart => https://www.tradingview.com/x/ORTn4Pni/ ➡️ Thursday 08-February-2024, 10h42 | BTI British American Tobacco | Update: Now Higher by 10% Ungeared. The share is back at a 2-month high, with the market welcoming it's results for the year ended 31 December 2023. As discussed in the research on 07 December, the sharp drop on 06 December saw the price trade into the lower boundary of the parallel channel (see chart here) that had been in place for one year (since December 2022). In addition, the reading via the end-of-day Tactical Trading Guide stated the following: "Aggressive selling recently, however the buy/long reward-to-risk may be attractive" (click here for the original reading). ➡️ Thursday 08-February-2024, 09h54 | XPO | New all-time highs on the back of strong earnings + a positive outlook. Now trading higher by 34% over the two weeks since publication. To trade global shares, you will need an offshore account. ➡️ Thursday 08-February-2024, 08h42 | Bytes Technology Group, Provisional Buy/Long Setup - on confirming price action. Click here to view the chart => https://www.tradingview.com/x/eBqA1LUN/ ➡️ Thursday 08-February-2024, 06h30 | Technical Summary: Mid & Large Caps, as of yesterday's close. To view the technical summary, click here => https://www.tradingview.com/x/p2g0PZ8a/ ➡️ Thursday 08 February 2024, 06h30 | JSE Relative Sector Regimes, as of yesterday's close. To view the data set click on the following links: Chart #1 | Chart #2 | Chart #3 ➡️ Thursday 08-February-2024, 06h30 | Tactical Trading Guide (Share Commentary): Largest 40 Shares By Market Cap. Click here to access the data set => https://www.unum.capital/post/tactical-trading-guide ➡️ Wednesday 07-February-2024, 14h12 | GLN Glencore Plc | Bigger picture (via the monthly chart), GLN has continued to see weakness, unwinding following the bearish MONTHLY MACD crossover. The re-test of the R70 multi-year breakout level opening up as a possibility. Click here to view the chart=> https://www.tradingview.com/x/wj8IwR3h/ ➡️ Wednesday 07-February-2024, 12h36 | AVI Ltd | The bull flag technical formation I discussed in July at 6708c has seen significant upside follow-through with the share trading at it's highest level since November 2021 (print of 8791c on Tuesday). The 14-day RSI is close to 75, which reflects strong price momentum but also suggests that the share is nearing an overbought range. Analyzing the price, you'll note the share is nearing the swing highs of December 2019 and September to November 2021. I would view these zones as levels to reduce into strength. Click here to view the chart=> https://www.tradingview.com/x/l3IuvNXQ/ ➡️ Wednesday 07-February-2024, 08h27 | PLTR Palantir Technologies | Yesterday in New York, PLTR closed higher by 30% on the day, with volume of 421 million shares traded - it's highest volume day ever. Well done to all who took the opportunity to trade. Clients were alerted to the opportunity on 09 January. Click here to view => https://www.tradingview.com/x/9gqos6Df/ ➡️ Wednesday 07-February-2024, 08h11 | CPI Capitec Bank: Yesterday morning (pre-market) I highlighted the share, it's structure, but more importantly the previous day's above-average volume. If you exclude 18 December 2023 (futures closeout), then yesterday's volume was the highest since 08 September. For further context, the volume is 40% above it's 90-day average. The institutional footprints are worth noting. Click here to view the data => https://www.tradingview.com/x/bsS7H1co/ ➡️ Wednesday 07-February-2024, 06h30 | Technical Summary: Mid & Large Caps, as of yesterday's close. To view the technical summary, click here => https://www.tradingview.com/x/LUNLQegn/ ➡️ Wednesday 07-February-2024, 06h30 | Tactical Trading Guide (Share Commentary): Largest 40 Shares By Market Cap. Click here to access the data set => https://www.unum.capital/post/tactical-trading-guide ➡️ Wednesday 07 February 2024, 06h30 | JSE Relative Sector Regimes, as of yesterday's close. To view the data set click on the following links: Chart #1 | Chart #2 | Chart #3 ➡️ Wednesday 07-February-2024, 06h30 | SHP Shoprite Holdings | The share price is developing lower highs within a rising short term channel that resembles a bear flag technical formation. Over a six-day period support has consistently been in the ~26660c range reflecting some buying interest around this area. Losing support at this zone would coincide with a break of the lower boundary of the bearish channel formation. Click here to view the chart => https://www.tradingview.com/x/myA5BH2W/ ➡️ Wednesday 07-February-2024, 06h30 | TGA Thungela Resources | This is a broken name, with the price below declining 50-day and 200-day moving averages. The key level is 12300c, meaning that the share needs to reclaim this zone to support a potential bullish reversal. Since late January, the share has been in a short term consolidation zone (11550c to 12100c). Click here to view the chart => https://www.tradingview.com/x/4AnAvyHE/ ➡️ Wednesday 07-February-2024, 06h30 | WHL Woolworths | Noting the 6-month trend line at risk of being breach + risk of slipping back below the 200-day SMA. Click here to view the chart => https://www.tradingview.com/x/7MR1TZpP/ ➡️ Wednesday 07-February-2024, 06h30 | Global Sentiment Index | Click here to view the chart => https://www.tradingview.com/x/owwE5QJZ/ Lester Davids Analyst: Unum Capital Research Archive 1 Research Archive 2 Research Archive 3 Research Archive 4

To trade, or open a new account, contact the Unum Capital Trading Desk: E-mail: tradingdesk@unum.co.za | Call: 011 384 2923 Resource Centre (Click Here) Research Philosophy (Click Here) Research Disclaimer (Click Here) Systematic Insights: Timely Trading Signals Via The Tactical Trading Guide: MTN, MNP, TBS, SBK, DSY, TKG, MTM, HAR, GFI, IMP (Click Here) Lester Davids Analyst: Unum Capital Monday, 26 February 2024 - [click on the text below to access the research] Talking Points JSE Technical Summary JSE Relative Sector Regimes SAP Sappi VOD Vodacom Group TGA Thungela Resources CFR Richemont: Unappealing Reward-To-Risk JSE Banks vs JSE Top 40 Index Satrix Resources (STXRES) vs Satrix Financials (STXFIN) Tactical Trading Guide (Share Commentary): Largest 40 Shares By Market Cap Friday, 23 February 2024 JSE Technical Summary AMS Anglo American Platinum TRU Truworths NPN Naspers MNP Mondi Plc AVI Ltd SOL Sasol JSE Relative Sector Regimes Tactical Trading Guide (Share Commentary): Largest 40 Shares By Market Cap Thursday, 22 February 2024 NED Nedbank Group {published intraday} Copper/Gold Ratio {published intraday} JSE Top 40 Index Tactical Trading Guide: NPN Naspers Tactical Trading Guide: BHG BHP Group Tactical Trading Guide: SBK Standard Bank Tactical Trading Guide: CPI Capitec Bank JSE Relative Sector Regimes JSE Technical Summary JSE Relative Sector Ratings Wednesday, 21 February 2024 Invesco Nasdaq 100 ETF {published intraday} S&P 500 Index (E-mini Future) {published intraday} Bid Corp {published intraday} NPN Naspers Flash Comments: CLS, WHL, SPP, CFR JSE Top 40 Index NED Nedbank Group MNP Mondi Plc JSE Relative Sector Regimes JSE Technical Summary Tactical Trading Guide (Share Commentary): Largest 40 Shares By Market Cap Tuesday, 20 February 2024 FX: USD/ZAR: Linear Regression Analysis {published intraday} JSE Top 40 Index: Linear Regression Analysis Technical Screen: Price vs 75-EMA CFR Richemont AGL Anglo American Plc JSE Technical Summary JSE Relative Sector Regimes Tactical Trading Guide (Share Commentary): Largest 40 Shares By Market Cap Monday, 19 February 2024 S&P 500 Index Future: Distance Divergence {published intraday} Global Risk Index JSE Technical Summary JSE Relative Sector Regimes Satrix Resources (STXRES) vs Satrix Financials (STXFIN) JSE Staples/JSE Discretionary x USDZAR x Rand-Oil Price JSE Banks vs JSE Insurers ANG Anglogold Ashanti NED Nedbank Group: Breakout + Approaching Target SBK Standard Bank: Pros & Cons SSW Sibanye Stillwater IMP Impala Platinum Tactical Trading Guide (Share Commentary): Largest 40 Shares By Market Cap Friday, 16 February 2024 SPDR Energy Sector (XLE ETF) vs Russell 3000 (IWV ETF) {published intraday} JSE Top 40 Index MTN Group Update: IMP Impala Platinum JSE Technical Summary JSE Relative Sector Regimes Tactical Trading Guide (Share Commentary): Largest 40 Shares By Market Cap Thursday, 15 February 2024 JSE Gold Miners vs JSE Top 40 Index SLM Sanlam Ltd/SLM vs JSE Top 40 Index JSE Coal Miners vs JSE Top 40 Index JSE Top 40 Index: Linear Regression Screen JSE Technical Summary JSE Relative Sector Regimes Tactical Trading Guide (Share Commentary): Largest 40 Shares By Market Cap Commodities: Platinum Wednesday, 14 February 2024 Talking Points JSE Top 40 Index JSE Technical Summary JSE Relative Sector Regimes Tactical Trading Guide (Share Commentary): Largest 40 Shares By Market Cap Tuesday, 13 February 2024 Satrix Resources vs Chinse Yuan/US Dollar {published intraday} S&P 500 vs TLT (Bonds) {published intraday} Brent Crude Oil vs US 10-Year Bond Yield {published intraday} US Equity Factor Performance - End Of Day (Mon, 12/02) JSE Technical Summary JSE Relative Sector Regimes STXRES Satrix Resources IMP Impala Platinum SHP Shoprite Cybersecurity ETF: Update Tactical Trading Guide (Share Commentary): Largest 40 Shares By Market Cap Monday, 12 February 2024 Trade Alert: QCOM Qualcomm Inc {published intraday} JSE Top 40 Index - Short Term Technical Analysis {published intraday} JSE Technical Summary JSE Relative Sector Ratings JSE Relative Sector Regimes JSE Industrials: Absolute and Relative Strength Richemont: Hermes' Strong Results NPN Naspers: 2-Year Relative Highs Sasol: Down 75% in US Dollar terms MTN Group: Revisiting The November Lows GRT Growthpoint Properties Long Term Relative Signals: MRP / BVT / SPP Tactical Trading Guide (Share Commentary): Largest 40 Shares By Market Cap Friday, 09 February 2024 FX: GBP/JPY JSE Technical Summary JSE Relative Sector Regimes Tactical Trading Guide (Share Commentary): Largest 40 Shares By Market Cap Thursday, 08 February 2024 GFI Gold Fields {published intraday} NPN Naspers Ltd {published intraday} SPY S&P 500 ETF: Analysis {published intraday} BTI British American Tobacco: Now Higher By +10% {published intraday} XPO: All-Time Highs + Positive Outlook {published intraday} Bytes Technology Group JSE Technical Summary JSE Relative Sector Regimes Tactical Trading Guide (Share Commentary): Largest 40 Shares By Market Cap Wednesday, 07 February 2024 GLN Glencore Plc {published intraday} AVI Ltd {published intraday} PLTR Palantir Technologies: Closes Higher by 30% CPI Capitec Bank: 2nd Day Volume JSE Technical Summary SHP Shoprite Holdings TGA Thungela Resources WHL Woolworths JSE Relative Sector Regimes Tactical Trading Guide (Share Commentary): Largest 40 Shares By Market Cap Tuesday, 06 February 2024 BKNG Booking Holdings {published intraday} JSE Technical Summary BVT Bidvest Group CPI Capitec Bank SLM Sanlam Ltd Update: Palantir Technologies / Ferrari / Thales / DraftKings SNPS Synopsys: Approaching Target JSE Relative Sector Regimes Tactical Trading Guide (Share Commentary): Largest 40 Shares By Market Cap Monday, 05 February 2024 Talking Points S&P 500: Stats Underneath The Surface JSE Technical Summary Strategy Screen: KIO & SBK BID Bid Corp MNP Mondi Plc LHC Life Healthcare: Update SAP Sappi Ltd GFI Gold Fields US Trucking Stocks: SAIA | ODFL | JBHT JSE Relative Sector Regimes Tactical Trading Guide (Share Commentary): Largest 40 Shares By Market Cap Friday, 02 February 2024 JSE Technical Summary JSE Relative Sector Regimes Tactical Trading Guide (Share Commentary): Largest 40 Shares By Market Cap Thursday, 01 February 2024 RACE Ferrari: Strong Results Sees Shares Higher {published intraday} TRU Truworths {published intraday} JSE Technical Summary REM Remgro Tactical Trading Guide (Share Commentary): Largest 40 Shares By Market Cap JSE Relative Sector Regimes Wednesday, 31 January 2024 QQQ Invesco (Nasdaq 100) Analysis {published intraday} CFR Richemont {published intraday} GFI Gold Fields {published intraday} Strategy Screen: Montauk Renewables, Sasol DSY Discovery Holdings: Sharp Bullish Reversal Tactical Trading Guide (Share Commentary): Largest 40 Shares By Market Cap JSE Relative Sector Regimes Tuesday, 30 January 2024 S&P 500 Index Future (ES1) {published intraday} Old Mutual (OMU) {published intraday} Anheuser Busch-Inbev (ANH) {published intraday} Trade Setup: Ferrari (RACE) {published intraday} JSE Technical Summary Capitec Bank (CPI) Harmony Gold (HAR) Standard Deviation: (MCG/MTN/VOD) JSE Relative Sector Regimes Tactical Trading Guide (Share Commentary): Largest 40 Shares By Market Cap Monday, 29 January 2024 JSE Technical Summary Sanlam (SLM), Momentum Metropolitan (MTM) Absa Group (ABG): Strong Candle Structure Following Buy Signal CFR Richemont | Green shoots for the luxury sector, now trading +24% CFR, BHG, TFG, KIO | Strong Bullish Reversals For These Piercing Candle Formations Strategy Screen: AIL and LHC Brent Crude Oil: Now Trading +11% Energy Transfer (ET), Western Midstream Partners (WES), Valero Energy (VLO) JSE Relative Sector Regimes Tactical Trading Guide (Share Commentary): Largest 40 Shares By Market Cap Friday, 26 January 2024 JSE Technical Summary Truworths: Strong Reversal (+13%) Off Support Mr Price (MRP): Strong Reversal - Tactical Trading Guide Vodacom: Near The R90 Target Mondi Plc: Re-Test and a R20 Rebound JSE Relative Sector Regimes Tactical Trading Guide (Share Commentary): Largest 40 Shares By Market Cap Thursday, 25 January 2024 Talking Points Coronation Fund Managers (CML) Anglo American Platinum (AMS) Gold Fields (GFI) Aspen Pharmacare (APN) JSE Technical Summary JSE Relative Sector Regimes Tactical Trading Guide (Share Commentary): Largest 40 Shares By Market Cap Wednesday, 24 January 2024 BHP Group (BHG): Oversold Rally From Accumulation Zone Impala Platinum (IMP) Anglo American Plc (AGL) Woolworths Holdings (WHL) - Strong Downside Follow-Through. Where To Buy It Next? Truworths: Downside Follow-Through on Sell Idea (-18%) JSE Technical Summary JSE Relative Sector Regimes Tuesday, 23 January 2024 AECI Ltd (AFE) Lighthouse Properties Plc (LTE) Fortress A (FFA): Now Trading +10% Vodacom Group (VOD) Glencore Plc (GLN) JSE Technical Summary JSE Relative Sector Regimes Share Commentary: Tactical Trading Guide (+90 Mid & Large Caps) Monday, 22 January 2024 https://www.unum.capital/post/__nte Trade Alert: Synopsys (SNPS) https://www.unum.capital/post/__nte The Strongest Stocks https://www.unum.capital/post/__nte Outsurance Group (OUT) https://www.unum.capital/post/__nte Richemont (CFR) https://www.unum.capital/post/__nte BHP Group (BHG) https://www.unum.capital/post/__nte JSE Technical Summary https://www.unum.capital/post/__nte JSE Relative Sector Ratings https://www.unum.capital/post/__nte Key Markets: Short Term Regimes https://www.unum.capital/post/tactical-trading-guide Tactical Trading Guide: JSE Equities (Share Commentary For +90 Mid/Large Caps) https://www.unum.capital/post/__nte Offshore: BRK.B / ADBE / ROP / SNOW Friday, 19 January 2024 https://www.unum.capital/post/__nte Offshore Setups: MORN, DRI, GRMN, MU https://www.unum.capital/post/__nte Netcare: Above Average Volume https://www.unum.capital/post/__nte Tactical Trading Guide: Top Stocks [ABG, AGL, ANG, APN, BHG] https://www.unum.capital/post/__nte Tactical Trading Guide: Top Stocks [BID, BVT, FSR, IMP, MTN] https://www.unum.capital/post/__nte JSE Technical Summary https://www.unum.capital/post/__nte BHP Group (BHG) https://www.unum.capital/post/__nte Key Markets: Short Term Regimes https://www.unum.capital/post/__nte Update: CPI Thursday, 18 January 2024 https://www.unum.capital/post/__nte JSE Technical Summary https://www.unum.capital/post/__nte Strategy Screen: Piercing Candle Structures https://www.unum.capital/post/__nte Strategy Screen: ARI/BHG/DSY/GLN/KIO/SOL https://www.unum.capital/post/__nte Discovery Holdings (DSY) https://www.unum.capital/post/__nte AVI Ltd (AVI) - Downside Follow-Through https://www.unum.capital/post/tactical-trading-guide Tactical Trading Guide: JSE Equities (+90 Mid/Large Caps) Wednesday, 17 January 2024 https://www.unum.capital/post/__nte Offshore: Toyota Motor | MOH | FCN https://www.unum.capital/post/__nte Offshore: GTLB | BIRK | BZRE https://www.unum.capital/post/__nte Offshore: Monolithic Power Systems (MPWR) https://www.unum.capital/post/__nte Analyst Thoughts: Defensive Positioning Underway https://www.unum.capital/post/__nte Sector Breadth/Net High-Lows https://www.unum.capital/post/__nte JSE Technical Summary https://www.unum.capital/post/__nte BHP Group (BHG) https://www.unum.capital/post/__nte Impala Platinum (IMP) https://www.unum.capital/post/__nte MTN Group (MTN) https://www.unum.capital/post/__nte African Rainbow Minerals (ARI) https://www.unum.capital/post/__nte Aspen Pharmacare (APN) https://www.unum.capital/post/tactical-trading-guide Tactical Trading Guide: JSE Equities (+90 Mid/Large Caps) Tuesday, 16 January 2024 https://www.unum.capital/post/__nte JSE Relative Sector Ratings https://www.unum.capital/post/__nte JSE Technical Summary https://www.unum.capital/post/__nte Exxaro Resources (EXX) https://www.unum.capital/post/__nte Reinet Investments (RNI) https://www.unum.capital/post/__nte Vodacom/JSE Top 40 (Relative) https://www.unum.capital/post/__nte Satrix Financials (STXFIN) https://www.unum.capital/post/tactical-trading-guide Tactical Trading Guide: JSE Equities Monday, 15 January 2024 https://www.unum.capital/post/__nte Trade Alert: Capitec Bank (CPI) https://www.unum.capital/post/__nte JSE Relative Sector Ratings https://www.unum.capital/post/__nte JSE Technical Summary https://www.unum.capital/post/__nte JSE Sectors Short Term Trend Relative To JSE Top 40 Index https://www.unum.capital/post/__nte Sasol Ltd (SOL) https://www.unum.capital/post/__nte Mondi Plc (MNP) https://www.unum.capital/post/__nte BHP Group (BHG) https://www.unum.capital/post/__nte Gold Fields (GFI) https://www.unum.capital/post/__nte Dis-Chem Pharmacies (DCP) https://www.unum.capital/post/__nte Shoprite Holdings (SHP) https://www.unum.capital/post/__nte Strategy Screen: HAR, ITE, SSW, TRU https://www.unum.capital/post/__nte Strategy Screen: DRD https://www.unum.capital/post/__nte Media Comment: Business Day (Online) https://www.unum.capital/post/tactical-trading-guide Tactical Trading Guide: JSE Equities Friday, 12 January 2024 *OUT OF OFFICE* Thursday, 11 January 2024 https://www.unum.capital/post/__nte JSE Technical Summary https://www.unum.capital/post/__nte JSE Share Commentary: Top 30/Liquid https://www.unum.capital/post/__nte Reunert (RLO) https://www.unum.capital/post/__nte Nedbank Group (NED) https://www.unum.capital/post/__nte JSE Sectors Short Term Trend Relative To JSE Top 40 Index https://www.unum.capital/post/__nte Global Insurers and Re-Insurers (AJG, MMC, MUV2 & HNR1) Wednesday, 10 January 2024 https://www.unum.capital/post/__nte Trade Alert: Digital Realty Trust (DLR) https://www.unum.capital/post/__nte Dominos Pizza (DPZ) https://www.unum.capital/post/__nte Constellation Brands (STZ) https://www.unum.capital/post/__nte Palantir / Ferrari / Thales / DraftKings https://www.unum.capital/post/__nte Datatec (Update) https://www.unum.capital/post/__nte Hulamin (HLM) https://www.unum.capital/post/__nte Grindrod (GND) https://www.unum.capital/post/__nte JSE Sectors Short Term Trend Relative To JSE Top 40 Index https://www.unum.capital/post/key-markets-ratings Key Markets Tuesday, 09 January 2024 https://www.unum.capital/post/__nte Gold Fields (GFI) https://www.unum.capital/post/__nte JSE Technical Summary https://www.unum.capital/post/__nte JSE Relative Sector Ratings https://www.unum.capital/post/__nte Truworths Ltd (TRU) https://www.unum.capital/post/__nte Harmony Gold (HAR) https://www.unum.capital/post/__nte BID Corp (BID) https://www.unum.capital/post/tactical-trading-guide Tactical Trading Guide: JSE Equities Monday, 08 January 2024 https://www.unum.capital/post/__nte Trade Alert: LHC https://www.unum.capital/post/__nte JSE Technical Summary https://www.unum.capital/post/__nte JSE Sectors Short Term Trend Relative To JSE Top 40 Index https://www.unum.capital/post/__nte British American Tobacco (BTI) https://www.unum.capital/post/__nte Sasol Ltd (SOL) https://www.unum.capital/post/__nte Fortress Real Estate (FFA) https://www.unum.capital/post/__nte JSE Insurers: Relative Strength https://www.unum.capital/post/tactical-trading-guide Tactical Trading Guide: JSE Equities https://www.unum.capital/post/key-markets-ratings Key Markets: Ratings Friday, 05 January 2024 https://www.unum.capital/post/__nte Analyst Thoughts (Initial) https://www.unum.capital/post/__nte Global Themes To Note https://www.unum.capital/post/__nte JSE Relative Sector Ratings https://www.unum.capital/post/__nte JSE Technical Summary https://www.unum.capital/post/__nte Shoprite Holdings (SHP) https://www.unum.capital/post/__nte Aspen Pharmacare (APN) https://www.unum.capital/post/__nte US 10-Year Bond Yield (US10Y) https://www.unum.capital/post/tactical-trading-guide Tactical Trading Guide: JSE Equities https://www.unum.capital/post/__nte Trade Idea Updates: SAP, GLN, CLS Tuesday, 19 December 2023 https://www.unum.capital/post/__nte US Steel Corp Agrees To Be Bought https://www.unum.capital/post/__nte JSE Technical Summary https://www.unum.capital/post/tactical-trading-guide Tactical Trading Guide: JSE Equities Monday, 18 December 2023 https://www.unum.capital/post/__nte JSE Relative Sector Ratings https://www.unum.capital/post/__nte JSE Technical Summary https://www.unum.capital/post/__nte Share Commentary: Top 20 By Market Cap https://www.unum.capital/post/__nte Strategy Screen (ARI, GLN, NPH, WHL) https://www.unum.capital/post/__nte Satrix Property: Upside Follow-Through +9.9% https://www.unum.capital/post/__nte Sirius Real Estate (SRE): Trigger +2175c https://www.unum.capital/post/__nte MTN Group: Short Term Overbought https://www.unum.capital/post/__nte Old Mutual (OMU) https://www.unum.capital/post/__nte Platinum & Precious Metals Sector: Relative Strength https://www.unum.capital/post/tactical-trading-guide Tactical Trading Guide: JSE Equities Thursday, 14 December 2023 https://www.unum.capital/post/__nte JSE Top 40 Index (J200) https://www.unum.capital/post/__nte JSE Technical Summary https://www.unum.capital/post/tactical-trading-guide Tactical Trading Guide: JSE Equities https://www.unum.capital/post/key-markets-ratings Key Markets: Ratings Wednesday, 13 December 2023 https://www.unum.capital/post/__nte Mondi Plc (MNP) https://www.unum.capital/post/__nte Primary Trends: Selected Large Caps (30) https://www.unum.capital/post/__nte Sasol Ltd (SOL) https://www.unum.capital/post/__nte JSE Technical Summary https://www.unum.capital/post/tactical-trading-guide Tactical Trading Guide: JSE Equities Tuesday, 12 December 2023 https://www.unum.capital/post/__nte Long Term Trading Commentary: Selected Large Caps (22) https://www.unum.capital/post/__nte Aspen Pharmacare (APN) https://www.unum.capital/post/__nte Anglo American Plc (AGL) https://www.unum.capital/post/__nte JSE Technical Summary https://www.unum.capital/post/tactical-trading-guide Tactical Trading Guide: JSE Equities Monday, 11 December 2023 https://www.unum.capital/post/__nte KIO: Short/Sell Target Exceeded https://www.unum.capital/post/__nte JSE Sector Ratings as of Friday's close https://www.unum.capital/post/__nte Strategy Screen: INL, INP, RNI, TFG https://www.unum.capital/post/__nte Strategy Screen: SOL, DRD, ANG, AGL https://www.unum.capital/post/__nte Strategy Screen: CLS, MNP https://www.unum.capital/post/__nte JSE Technical Summary https://www.unum.capital/post/tactical-trading-guide Tactical Trading Guide: JSE Equities https://www.unum.capital/post/key-markets-ratings Key Markets: Ratings

Introduction When it comes to investing in shares, it's crucial to be armed with the right tools and knowledge to make informed decisions. One of the most important metrics that investors use to assess the risk and return potential of equities is beta. Beta is a numerical value that measures the sensitivity of a share's price movements relative to changes in the broader market. We will delve into the concept of beta and explore its significance for share investors. What is Beta? Beta, often denoted as "β," is a statistical measure used in finance to quantify the volatility or systematic risk of a share compared to the overall market. The market, in this context, is typically represented by an index, such as the Top 40 index. The beta value indicates how much a share's price is expected to move concerning the market's movements. It helps investors understand how closely the share's performance is tied to the market's fluctuations. Interpreting Beta Values β = 1: If a share has a beta of 1, it moves in perfect correlation with the market. Its price tends to rise or fall by the same percentage as the market index. Such shares are considered market-neutral in terms of volatility. β < 1: A share with a beta below 1 is less volatile than the market. In other words, it is expected to have smaller price swings than the overall market. These shares are often referred to as defensive equities and are perceived to offer a more stable investment option. β > 1: A share with a beta above 1 is more volatile than the market. It tends to experience larger price movements, both upward and downward, compared to the market index. These shares are considered aggressive or growth-oriented investments. Risk and Return Relationship Beta plays a crucial role in determining the risk and return profile of a share. Typically, higher beta shares offer the potential for greater returns but also come with higher risk. Conversely, lower beta shares may have more modest returns but tend to be less risky and more stable during market downturns. For example, if Share A has a beta of 1.5, and the market (represented by an index) increases by 10%, Share A might be expected to rise by 15% (1.5 times the market return). Conversely, if the market falls by 10%, Share A could be anticipated to decline by 15%. How to Use Beta in Investment Decisions Diversification: Beta can help investors build a diversified portfolio. By combining shares with different beta values, investors can offset the risk of high-beta shares with the stability of low-beta shares. Risk Management: Beta assists in assessing the level of risk an investor is willing to undertake. Conservative investors might opt for low-beta shares, while those seeking higher returns might favour high-beta shares. Market Timing: Understanding beta can help investors make better decisions about when to buy or sell a share. During a bullish market, high-beta shares may outperform, while during a bearish market, low-beta shares may hold up better. Limitations of Beta While beta is a valuable metric, it does have some limitations: Historical Data: Beta is based on historical price movements, and the past may not necessarily predict future performance accurately. Market Conditions: Beta assumes that market conditions will remain constant, which is often not the case. Single-factor Metric: Beta considers only market-related risk and does not account for other factors like company-specific events or changes in industry dynamics. Conclusion Beta is a useful tool for investors to gauge the volatility and risk associated with a particular share relative to the overall market. It aids in constructing a well-balanced portfolio and managing risk according to individual investment goals and risk tolerance. However, beta should not be the sole factor in investment decisions, as it's essential to consider other aspects of a company's fundamentals and the broader economic environment to make well-informed investment choices. As with any investment analysis, it's prudent to conduct thorough research. Top 40 share beta and selected markets: The heatmap displayed below presents the constituents of the Top 40 index alongside selected major markets. This dynamic heatmap is updated daily, providing valuable insights. For added convenience, you can download the corresponding data as an Excel file. Stay informed of the latest trends and changes in the market through this user-friendly visualisation. Download the Excel file here:

The market overview serves as a comprehensive snapshot of the financial markets, providing a summary of various asset classes, sectors, and indices. Its primary purpose is to showcase the performance of different financial instruments over a specific period.

Introduction In the world of share trading, understanding correlation is vital for making informed investment decisions and managing risk effectively. Correlation plays a crucial role in assessing how different shares or assets move in relation to each other, providing insights into portfolio diversification, risk management, and potential investment opportunities. We will explore the concept of correlation in share trading, its importance, and how traders and investors can leverage this knowledge to improve their strategies. What is Correlation in Share Trading? In share trading, correlation refers to the statistical relationship between the price movements of two or more shares or assets. When two shares have a positive correlation, they tend to move in the same direction – when one share's price increases, the other share's price also increases. On the other hand, a negative correlation indicates that two shares tend to move in opposite directions – when one share's price increases, the other share's price decreases. Finally, if two shares have a correlation close to zero, it suggests that their price movements are not significantly related. Measuring Correlation in Share Trading The most common method of measuring correlation between two shares is by using the Pearson correlation coefficient, just like in general statistics. The correlation coefficient ranges from -1 to 1, with the same interpretation as before: r = 1 indicates a perfect positive correlation, where the two shares move in complete harmony. r = -1 indicates a perfect negative correlation, where the two shares move in opposite directions. r ≈ 0 indicates little to no correlation, suggesting that the two shares have independent price movements. Importance of Correlation in Share Trading Understanding the correlation between different shares is crucial for several reasons: Diversification: Correlation helps traders identify assets that have low or negative correlations with each other. Diversifying a portfolio with assets that are not highly correlated can help reduce overall risk. When some assets decrease in value, others might increase, which can mitigate losses. Risk Management: High correlations among shares can increase the overall risk in a portfolio. If all shares in a portfolio are positively correlated, they are more likely to experience simultaneous declines during market downturns. By knowing the correlation between holdings, traders can optimise their portfolios to manage risk more effectively. Identifying Investment Opportunities: Traders can use correlation analysis to identify potential investment opportunities. For example, if they notice a positive correlation between two shares, they might consider one as a proxy for the other. If the correlation is negative, they may see a hedging opportunity to protect against price declines. Sector Analysis: Correlation analysis can help traders understand the broader movements within specific sectors or industries. For example, in a technology-heavy sector, many shares might be positively correlated, and understanding this can influence investment decisions within that sector. Limitations of Correlation in Share Trading While correlation is a valuable tool, it has its limitations: Changing Market Conditions: Correlations between shares can change over time due to shifts in market dynamics, economic conditions, or company-specific events. Traders need to monitor correlations regularly and be prepared for them to evolve. Limited to Linear Relationships: Correlation measures linear relationships between variables. Some shares may have non-linear relationships, making it important to consider other forms of analysis alongside correlation. Causation Concerns: As always, it's essential to remember that correlation does not imply causation. Just because two shares are correlated does not necessarily mean that one share causes the price movement of the other. Conclusion In share trading, understanding correlation is a powerful tool for making informed decisions, managing risk, and optimising investment portfolios. By analysing the relationship between different shares, traders can diversify their portfolios effectively, identify hedging opportunities, and navigate changing market conditions more intelligently. However, correlation should always be used in combination with other forms of analysis, and traders must be cautious about drawing causal conclusions solely based on correlation. With a solid understanding of correlation, traders can navigate the dynamic world of share trading with greater confidence and success. Top 40 share correlation and selected markets The heatmap displayed below presents the constituents of the Top 40 index alongside selected major markets. This dynamic heatmap is updated daily, providing valuable insights. For added convenience, you can download the corresponding data as an Excel file. Stay informed of the latest trends and changes in the market through this user-friendly visualisation. Download the Excel file here:

Introduction In the world of equity market analysis, traders and investors often seek to identify promising investment opportunities by evaluating the performance of various shares. One valuable tool that aids in this analysis is the Relative Rotational Graph (RRG). RRG is a graphical representation that helps investors understand the relative strength and momentum of different shares within a given market or sector. What is a Relative Rotational Graph (RRG)? A Relative Rotational Graph is a visual representation of the relative performance of shares in comparison to a benchmark index or a specific group of shares. The graph plots individual shares as data points and illustrates their movement over time, relative to the benchmark. The positioning of each share on the graph provides crucial insights into its relative strength, momentum, and potential investment opportunities. How RRG Works: The Four Quadrants The RRG chart is divided into four quadrants, each representing different stages of relative performance: Leading (Leading Quadrant): Shares in this quadrant are exhibiting strong relative strength and positive momentum compared to the benchmark. They are outperforming the broader market or sector and are considered leaders in terms of price performance. These shares are regarded as potential Profit takes or Holds candidates. Weakening (Weakening Quadrant): Shares in this quadrant are experiencing a decline in relative strength compared to the benchmark. While they might still be in an uptrend, their momentum is slowing down, and they may be losing some of their leadership positions. These shares are classified as potential Deteriorating candidates or short-selling. Lagging (Lagging Quadrant): Shares in this quadrant are underperforming the benchmark. They are experiencing weak relative strength and may be struggling compared to other shares or the broader market. These shares are classified as potential Avoid candidates. Improving (Improving Quadrant): Shares in this quadrant are showing signs of improvement in relative strength, indicating that they are gaining momentum and starting to outperform the benchmark. These shares are considered as potential Buy candidates. Interpreting RRG for Investment Insights When analysing a Relative Rotational Graph, traders and investors can draw several meaningful conclusions: Identifying Leaders and Laggards: RRG helps investors quickly identify which shares are leading the market's upward trends and which are lagging behind. Leading shares in the Leading Quadrant might be attractive investment candidates, while those in the Lagging Quadrant could warrant closer examination to understand potential weaknesses. Spotting Trend Reversals: A changing position of a share on the RRG can signal a potential trend reversal. For example, a share moving from the Weakening Quadrant to the Improving Quadrant may indicate a shift in momentum and an upcoming upward trend. Diversification Insights: RRG can assist in portfolio diversification by highlighting shares that exhibit a low correlation with the benchmark. Adding shares with diverse movement patterns can help reduce overall portfolio risk. Monitoring Sector Rotations: RRG is especially useful for sector rotation strategies, where investors rotate their investments based on the relative strength of sectors. It helps identify which sectors are currently leading or lagging in the market. Limitations of RRG While RRG is a valuable tool, it is essential to recognize its limitations: Historical Performance: RRG is based on past price data and may not always predict future movements accurately. Not a Standalone Indicator: RRG should be used in conjunction with other technical and fundamental analysis tools for comprehensive decision-making. Volatility Impact: Highly volatile shares may exhibit erratic movements on the RRG, making interpretation challenging. Conclusion Relative Rotational Graphs provide traders and investors with a powerful visual representation of the relative performance of shares compared to a benchmark index or a group of shares. By understanding the quadrants and interpreting the movements of individual shares, investors can gain valuable insights into market trends, identify potential investment opportunities, and optimise their portfolio allocations. As with any investment analysis tool, it should be used alongside other methods and within the context of a well-thought-out investment strategy. Top 40 constituent RRG chart: The updated RRG chart displayed below compares the individual constituents of the Top 40 index against the index itself. This chart undergoes daily updates, and to enhance clarity, various colour backgrounds are utilised for ease of reference. Leading (Leading Quadrant): Green background. These shares are regarded as potential Profit takes or Hold candidates. Weakening (Weakening Quadrant): Yellow background. These shares are classified as potential Deteriorating candidates or short-selling. Lagging (Lagging Quadrant): Red background. These shares are classified as potential Avoid candidates. Improving (Improving Quadrant): Blue background. These shares are considered potential Buy candidates.

Introduction: Relative Price Strength (RPS) is a critical technical indicator used by traders and investors to assess the performance of an equity relative to the broader market or its industry peers. By understanding RPS and incorporating it into their investment strategies, individuals can gain valuable insights into an equity's potential for future price movement. We will delve into the concept of RPS, how it is calculated, and its significance in share trading. What is Relative Price Strength (RPS)? Relative Price Strength, also known as Relative Strength, is a momentum-based metric that evaluates an equity's performance relative to a benchmark index or a group of peers. It is used to identify equities that have outperformed or underperformed in their market or sector over a specified period. RPS Calculation: To calculate RPS, we compare the price performance of a particular share to the performance of a designated benchmark index or a group of shares. The RPS calculation typically involves comparing the price change over a specific time frame, depending on the preference of the trader or investor. The formula for calculating RPS is as follows: RPS = (Share's Price at date x / Share's Price at date y) / (Benchmark's Price at date x / Benchmark's Price at date y) date x = most recent price of the share or benchmark date y = price of the share or benchmark x periods ago Understanding RPS Values: The RPS value is represented as a ratio, and it indicates the stock's relative strength compared to the benchmark or peer group. A value above 1 suggests that the share has outperformed the benchmark or peers, while a value below 1 indicates underperformance. Significance of RPS in Share Trading: Identifying Strong Performers: RPS helps traders and investors identify shares that have demonstrated significant price strength compared to the overall market or their sector. These shares are often considered strong performers and may continue to exhibit positive price movement. Trend Confirmation: RPS can help confirm the prevailing trends in the market or sector. Shares with high RPS values are more likely to be in uptrends, while those with low RPS values might be in downtrends. Share Selection: Traders can use RPS to filter and prioritise their share selection process. A higher RPS value could make a share more appealing for trading or investment opportunities. Divergence Detection: RPS can also help identify potential divergences between a share and the broader market or sector. Divergences occur when an equity's price moves in the opposite direction to its RPS, which might signal a potential trend reversal or correction. Limitations of RPS: While RPS can be a valuable tool for assessing relative performance, it has some limitations that traders and investors should be aware of: Short-Term Focus: RPS is primarily a short to medium-term indicator. It might not accurately reflect a share's long-term potential or fundamental strength. Benchmark Selection: The choice of benchmark or peer group can significantly impact the RPS calculation. Different benchmarks can lead to different RPS values for the same share. Conclusion: Relative Price Strength (RPS) is a valuable technical indicator that provides insights into an equity's relative performance compared to a benchmark index or its peers. By understanding RPS, traders and investors can make more informed decisions, identify strong performers, and validate existing trends in the market or sector. However, like any single metric, RPS should be used in conjunction with other indicators and fundamental analysis to make well-rounded investment decisions. JSE All Share headline indices RPS: In the financial markets, certain headline indices have showcased remarkable outperformance, suggesting a notable influx of capital. This surge in capital inflow signals growing trader and investor confidence and interest in these headline indices. Whereas traders and investors seem to be reallocating their investments away from headline indices where there is an outflow of capital. Capital Inflow headline indices (in ranking order): 1. Financials Capital outflow headline indices (in ranking order): 1. Industrials 2. Resources JSE All Share share RPS: Understanding the performance of individual shares in comparison to the broader market is crucial for traders and investors seeking to capitalise on market trends. The table below highlights the top 20 and bottom 20 shares based on RPS, with a lookback period of the last 10 days, indicated by their ranking changes since the previous update. The table is updated daily. The Top 20 RPS Leaders: These are the shares that have exhibited the strongest relative price performance within the JSE All Share index over the past 10 days. The Bottom 20 RPS Laggards: These shares have shown the weakest relative price performance within the JSE All Share index over the same 10-day period. JSE All Share sector RPS: In this analysis, we will examine the top 10 and bottom 10 sectors based on RPS, considering the lookback period of the last 10 days. The table is also updated daily. The Top 10 RPS Leading Sectors These sectors have demonstrated the strongest relative price performance within the JSE All Share index during the 10-day lookback period. The Bottom 10 RPS Lagging Sectors Conversely, these sectors have exhibited the weakest relative price performance within the JSE All Share index over the same 10-day period.

What is a Heatmap? A heatmap is a graphical representation of data where individual shares are represented as colours. In this context, the heatmap below shows the top 60 JSE (Johannesburg Stock Exchange) shares by value traded and their percentage daily change. Share Tickers: Each block or cell in the heatmap is labelled with a ticker symbol, representing a particular share on the JSE. For example, "IMP" or "NPN" are tickers for specific companies listed on the JSE. Axes: The x-axis depicts the "Percentage Change", spanning from negative to positive values. It reflects the day-to-day fluctuations in a share's price, with positive values signifying an uptick in share price value and negative ones denoting a decline. Block size: The size of each block signifies the "Value Traded" for a particular share in a day. "Value Traded" denotes the total monetary amount of a specific share exchanged on the equity market within a given day. It is determined by multiplying the volume of shares traded with their average trading price for that day. Formula: Value Traded = Number of Shares Traded × Average Trading Price of the Share This metric is pivotal as it sheds light on the liquidity and activity surrounding a specific share. A higher value traded typically signifies increased interest and engagement with that share for a multitude of reasons. Conversely, a lower value traded might suggest diminished interest or activity in that particular share. How to Use the Heatmap: When analysing equity markets, both the "value traded" and the direction of the share price movement (percentage change) can provide critical insights into the sentiment and behaviour of traders and investors. High Trading Volume with Rising Share Price (larger block sizes and darker shading of green): Interpretation: This typically indicates a strong buying interest in the share. A higher volume of shares being traded, combined with an upward movement in price, suggests that the demand for the share is outstripping supply. This can be due to positive news about the company, better-than-expected earnings reports, or any other factor that boosts traders' and investors' confidence in the share's future performance. Possible Implications: The share may be in a bullish phase. This scenario might attract more market participants who want to capitalise on the upward trend, further pushing the price up, at least in the short term. However, traders and investors need to be cautious about potential overvaluations. High Trading Volume with Declining Share Price (larger block sizes and darker shading of red): Interpretation: This indicates strong selling pressure. Even though a large volume of shares is being traded, the fact that the price is declining suggests that there is more supply than demand for the share. Reasons can include negative news about the company, disappointing earnings reports, or broader negative market or sector trends. Possible Implications: The share might be in a bearish phase, signalling a potential downtrend. This can cause panic selling among market participants, which might further depress the share price. On the other hand, some market participants might see this as an opportunity to buy the share at a discounted price, anticipating a future rebound. High Trading Volume with Minimal Price Fluctuation (larger block sizes with a beige shading): Interpretation: When there is a large value traded with minimal share price movement, it suggests that there is equilibrium between buyers and sellers: A high trading volume with little change in price indicates that there is a balance between buying and selling pressure. For every trader or investor eager to sell, there is someone equally willing to buy at nearly the same price. Possible Implications: The share could be in a consolidation phase, where it is finding a stable price range after a period of significant upward or downward movement. This phase can often precede a breakout in either direction, depending on subsequent news or market sentiment. The share might be trading near a strong support (a price level where a share tends to find buying interest) or resistance level (a price level where selling interest tends to surface). Even with high trading volumes, the share might struggle to break these levels, leading to minimal price movement. Low Trading Volume with Significant Price Swing (Either Direction) (small block sizes with either a darker shading of green or red): Interpretation: When there is a small value traded combined with significant share price movement either upwards or downwards, the share might not be highly liquid, meaning there are not many shares available for trading. In such cases, even small buy or sell orders can cause disproportionate price movements. Possible Implications: Shares that are thinly traded or have low trading volumes can be more volatile, leading to larger price swings with fewer shares being exchanged. The share might be highly sensitive to specific news or events. Even if only a few traders and investors react to the news, it can cause a significant price movement due to the low volume of trades. Low Trading Volume with Minimal Price Fluctuations (small block sizes with a beige shading): Interpretation: There might be a general consensus about the share's value among the few participants, leading to little price movement. In the absence of any significant news or events related to the company or its industry, traders and investors might have no strong incentive to buy or sell, resulting in low trading volume and stable prices. Possible Implications: Market participants could be on the sidelines, waiting for a clear indication or event that might dictate the share's future direction. Until such an event occurs, there may be limited trading activity and minimal price change. The nearly unchanged price with low volume might indicate that the market is indecisive about that particular share at the moment, with no strong bullish or bearish sentiment driving it. Conclusion: When the bulk of the blocks are sizable and green, it signifies a largely upbeat market day, underscored by heightened trading activity. These shares could be potential candidates for a long position. On the other hand, if a majority of blocks are red and indicate robust trading, the market seems to have tilted towards a negative trend, suggesting possible short-sell opportunities. For shares represented by beige blocks, whether large or small, it might be prudent to exercise caution or steer clear In all the scenarios presented, it is crucial to consider other market indicators and conduct a comprehensive analysis before making investment decisions. External factors, such as macroeconomic conditions, industry trends, and geopolitical events, can also influence share price movements and trading volumes.

What is a Heatmap? This heatmap displays value trader data regarding the top 60 JSE (Johannesburg Stock Exchange) shares. It depicts how their last value traded compares to their average daily value traded over the last 20 days. Share Tickers: Each block or cell in the heatmap is labelled with a ticker symbol, representing a particular share on the JSE. For example, "IMP" or "NPN" are tickers for specific companies listed o the JSE. Axes: The x-axis represents the "Percentage of Average Value Traded", ranging from zero to positive percentages. It illustrates the daily variations in a share's trading volume (value traded), where increased positive values indicate an increase in the value of shares traded. Block size: The size of each block signifies the "Value Traded" for a particular share in a day, compared to its 20-day value traded, expressed as a percentage. The greater the block size, the more significant the increase in value traded. Furthermore, blocks with a reddish hue indicate that the value traded is associated with a volume spike. In essence, a volume spike refers to a sudden and notable increase in the number of shares traded in a short period, often signalling heightened traders and investor interest or activity in that particular share. "Value Traded" denotes the total monetary amount of a specific share exchanged on the equity market within a given day. It is determined by multiplying the volume of shares traded with their average trading price for that day. Formula: Value Traded = Number of Shares Traded × Average Trading Price of the Share Average Value Traded Per Share, is the average of the daily traded values for the last 20 trading sessions. It provides a more stable measure to compare against a single day's value traded. Formula: Percentage of average value traded = Value traded for one day ÷ 20-Day Average Value Traded How to Use the Heatmap: The presence of various colors from blue to red suggests that there's a diverse trading behavior among the top 60 JSE shares. Some share are experiencing a surge in trading activity, while others are seeing less than usual. The shares in the red zone might be experiencing significant events, news, or developments leading to heightened trader and investor interest, resulting in higher trading volumes. Conversely, the shares in the blue zone could be in a consolidation phase, or there might not be any significant news driving the share, leading to decreased interest and trading activity. Interpretation Liquidity Indicator A higher average traded value suggests that the share is more liquid, meaning it can be bought or sold in larger quantities without causing significant price movements. This can be beneficial for large institutional investors who need to make big trades without impacting the price too much. Trader and Investor Interest A sudden spike in the daily value traded compared to the 20-day average can indicate heightened trader and investor interest, either due to recent news, earnings announcements, or other market events. Value Traded Per Day > 20-Day Average (large red blocks): When the value traded on a particular day is significantly higher than the 20-day average, it could signify increased buying/selling activity. This could be due to recent positive/negative news, earnings beats/misses, or sector-specific developments. Such spikes warrant further investigation into why traders and investors are showing increased interest. Value Traded Per Day < 20-Day Average (large blue blocks): If the value traded on a particular day is much lower than the 20-day average, it might indicate decreased interest or a potential consolidation phase. In such cases, traders and investors might be in a "wait and watch" mode, or there might not be any significant news driving the share. Consistency (small red and blue blocks) If the daily traded value remains consistently close to the 20-day average, it suggests stability in the share's trading patterns. However, small red blocks signify that traded values for these shares are also higher than their respective averages. Conclusion This heatmap provides a visual snapshot of the trading activity of the top 60 JSE shares relative to their average daily values. Traders and investors can use such visualisations to quickly identify shares with abnormal trading volumes, which might warrant further investigation or present potential trading opportunities. In all the scenarios presented, it is crucial to consider other market indicators and conduct a comprehensive analysis before making investment decisions. External factors, such as macroeconomic conditions, industry trends, and geopolitical events, can also influence share price movements and trading volumes.

The market overview serves as a comprehensive snapshot of the financial markets, providing a summary of various asset classes, sectors, and indices. Its primary purpose is to showcase the performance of different financial instruments over a specific period.