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Premium Content > https://www.unum.capital/post/premiumcontent Free Content: June 2026 > https://www.unum.capital/post/rjune2026 Trade Local & Global Financial Markets with Unum Capital. To get started, email tradingdesk@unum.co.za Free Content Note: When published intraday, JSE equity prices are delayed by 15-minutes. Risks to the Current Positioning Multi-Horizon Exhaustion: With Diversified Miners locking in double-horizon Overbought (#1) states, and Insurers and Luxury Goods printing Overbought (#1) Medium-Term spreads, a major portion of the JSE alpha core is sitting at statistical limits. Any sudden rotation out of these sectors could cause rapid relative mean reversion. Divergent Timeframe Fragility: Sectors like Technology, Consumer Staples, Paper & Pulp, and Consumer Discretionary exhibit extreme timeframe bifurcation. Their Strong (#3) or High Bullish (#2) Short-Term profiles are fighting directly against primary Long-Term Weak (#5), High Bearish (#6), or Oversold (#7) conditions, highlighting a high risk of near-term traps if long-term distribution resumes. Terminal Precious Metals Bleed: The structural descent of Gold Miners and Platinum Miners into late-stage selling regimes flags an active falling knife scenario. Platinum Miners hitting Oversold (#7) in the short term implies an exhaustion bottom is approaching, but the broader Medium-Term Weak (#5) profile indicates that a structural baseline floor has not yet solidified. Lester Davids Senior Investment Analyst: Unum Capital

Premium Content > https://www.unum.capital/post/premiumcontent Free Content: June 2026 > https://www.unum.capital/post/rjune2026 Trade Local & Global Financial Markets with Unum Capital. To get started, email tradingdesk@unum.co.za Free Content Note: When published intraday, JSE equity prices are delayed by 15-minutes. 🟥 Institutional Panic & Short Squeezes (Overbought / High Bullish + Intraday Rise) When an asset is already heavily extended on a daily basis but continues to print sharp intraday gains, it reveals an environment dominated by urgent short-covering and forced momentum chasing. The Trend Squeeze: Counters like SUI (+4.38%), SPG (+3.46%), and PPC (+4.35%) are pushing the upper limits of their daily frameworks. Because they closed significantly higher than their opening prints, it proves that market participants were not profit-taking. Instead, hedge funds were likely forced to cover short positions or benchmark-tracking funds were forced to buy exposure directly into the rising tape. The Late-Stage Chaser: TRU (+5.66%) sits in a high bullish daily regime but remains neutral on the weekly chart. This massive intraday surge shows that macro participants are suddenly piling into a lagging asset, creating an explosive short-term breakout. 🟩 Distribution Traps & Structural Fatigue (Strong + Intraday Fall) The most dangerous phase in a trend occurs when the daily momentum regime still reads "Strong," but the internal intraday tape begins to experience active institutional distribution. The Institutional Exit: Look closely at SOL (Daily: Strong | Change from Open: -2.72%) and CFR (Daily: Strong | Change from Open: -1.29%). On a standard daily close basis, these stocks look perfectly healthy. However, closing well below their opening prices indicates a "gap and trap." Retail or systemic buy programs pushed these shares up at the open, and institutions actively used that morning liquidity as an exit window to dump large blocks throughout the session. ⬜ Passive Index Anchoring vs. Block Offloading (Neutral) The Neutral regime represents equilibrium on a macro chart, but the intraday change from open reveals whether big capital is quietly stacking shares or subtly walking away. Coordinated Index Anchoring: Domestic heavyweights like SBK (+1.67%), CPI (+0.61%), and GND (+2.18%) all managed positive closes relative to their opens. This points to systematic, long-duration accumulation programs by major pension funds. They are absorbing daily liquidity across financial and logistics heavyweights to anchor the main index. Stealth Chipping: Conversely, counters like AFH (-3.64%) and N91 (-1.29%) show the exact opposite behavior. While sitting in neutral zones, funds are systematically peeling out of positions all day long, hitting the bids and signaling a distribution bias before a potential breakdown on the daily chart. 🕳️ Short Covering vs. Systemic Liquidations (Oversold / Weak) In deeply depressed or structurally weak territories, the change from open is the ultimate tool to differentiate a temporary tradeable bottom from a terminal death spiral. The Rubber-Band Snapback: Look at PAN (+2.34%) and CLS (+1.96%). These shares are buried deep within oversold macro structures. Yet, their strong positive intraday print confirms that selling pressure completely dried up after the open. Value-driven institutions and nimble prop desks stepped in to spark an intraday capitulation flip, forcing panicked short sellers to buy back shares into the close. Systemic dumping: Contrast that with the structural wreckage in SAP (-6.86%), IMP (-2.66%), SSW (-2.30%), and NPH (-2.26%). These counters are deeply oversold, yet they continue to bleed lower from open to close. This is the footprint of un-price-sensitive fund liquidation. Global managers are clearing out their equity baskets completely, dumping blocks at whatever the bid is. In this scenario, market participants are screaming that the floor has not yet been found. Lester Davids Senior Investment Analyst: Unum Capital

Premium Content > https://www.unum.capital/post/premiumcontent Free Content: June 2026 > https://www.unum.capital/post/rjune2026 Trade Local & Global Financial Markets with Unum Capital. To get started, email tradingdesk@unum.co.za 📅 Momentum Regimes for the Daily Timeframe (with change from open in the brackets) 🟥 Overbought: OCE (+1.47%) | SUI (+3.84%) 🟨 High Bullish Momentum / Approaching Overbought: FTB (+4.53%) | MRP (-0.32%) | KST (+3.15%) | SPG (+3.06%) | PWR (+3.99%) 🟩 Strong: AVI (+3.83%) | PPC (+3.62%) | TRU (+5.34%) | TBS (+3.32%) | FTA (-0.11%) | BID (+2.27%) | SYG (+3.68%) | APN (+2.32%) | OMN (-0.72%) | OAO (0.00%) | TSG (+0.78%) | TGA (+2.60%) | AFH (-1.09%) | BYI (+0.76%) | AEL (+0.14%) | SOL (-1.50%) | TFG (+6.70%) | DSY (+3.90%) | ABG (+1.00%) | WHL (+4.25%) | MTN (+2.88%) | KAP (-1.07%) ⬜ Neutral: ADH (+0.83%) | OUT (+2.71%) | NED (+0.59%) | WBO (-0.04%) | FSR (+0.73%) | RCL (0.00%) | SSU (+2.29%) | CFR (-1.89%) | CLI (0.00%) | ITE (+0.59%) | SNT (+3.43%) | SLM (+0.98%) | SOLBE1 (+12.45%) | VOD (+1.64%) | PMR (+1.29%) | NPN (+1.46%) | SBP (-0.65%) | SRI (-0.60%) | GLN (-0.28%) | ATT (+0.72%) | GND (+1.15%) | JSE (+1.66%) | CPI (+1.56%) | DIB (-1.92%) | GRT (+1.73%) | MTH (+1.73%) | LSK (0.00%) | DTC (+1.05%) | AFE (+2.92%) | PRX (+0.13%) | ISO (0.00%) | INL (+1.40%) | NY1 (+4.68%) | PIK (+4.73%) | N91 (-1.43%) | BTI (+0.51%) | NTC (+0.12%) | HCI (+0.37%) | WBC (+1.78%) | KIO (+1.60%) | INP (-0.14%) | BLU (+1.42%) | SSS (+0.95%) 🟧 Weak: BVT (-0.86%) | CML (+1.57%) | PHP (-0.30%) | MNP (+2.04%) | AGL (+1.21%) | VKE (+1.01%) | TKG (+0.07%) | SPP (+2.31%) | BAT (+0.45%) | BHG (+0.93%) | ARL (+1.58%) | BOX (+2.45%) | LTE (+0.82%) | MSP (-0.91%) | SHC (-0.93%) | SDO (+0.09%) | HYP (+0.84%) | BTN (+0.32%) 🟪 High Bearish Momentum / Approaching Oversold: RES (+1.31%) | CAA (-1.55%) | HAR (-1.00%) | FFB (+0.52%) | SRE (-0.71%) | THA (-0.55%) | S32 (-0.61%) | ANH (-1.16%) | WVR (0.00%) ⬛ Oversold: ANG (-0.95%) | GFI (-0.42%) | DCP (-0.31%) | SSW (-0.84%) | DRD (+0.31%) | VAL (+1.20%) | ARI (-1.93%) | IMP (-1.33%) | NPH (-2.27%) | RLO (-1.90%) | PAN (+3.29%) | RNI (-1.58%) | SAP (-4.90%) | CLS (+1.53%) 🟥 Institutional Exhaustion & Profit-Taking (Overbought / High Bullish) When a stock is heavily extended but prints a weak or flat intraday change, or when it falls on a green day, it reveals that institutional distribution is beginning to cap the asset's run. The "Liquidity Trap" in Premium Retail: Look at MRP (High Bullish). It finished the session down intraday at -0.32%. This tells us that while the broader weekly and monthly trends look strong, institutions actively used morning liquidity to lock in profits, fading the retail buy orders at the open. Relentless Blow-Off Squeezes: Conversely, look at SUI (+3.84%) and FTB (+4.53%). These shares are highly overextended, yet funds spent the entire day aggressively chasing them higher from the open. This signals panic short-covering or structural FOMO (Fear Of Missing Out), where participants are forced to absorb supply at any price. 🟩 Institutional Accumulation & Safe-Haven Crowding (Strong) The Strong regime is where real institutional trend-building happens. The change from open here helps separate genuine buying from passive drift. Aggressive Day-Long Accumulation: Counters like TRU (+5.34%), TFG (+6.70%), WHL (+4.25%), and DSY (+3.90%) are printing massive positive days relative to their opening prices. This is the classic footprint of algorithmic fund accumulation. Institutions had large buy orders to fill and systematically walked the ask up all day long. Passive Momentum Flips: Look at SOL (Strong) sitting down -1.50% from the open. Even though its monthly trend looks like a structural turnaround, the negative intraday print shows that active institutional buyers stepped away during the session, allowing short-term traders to fade the morning open. ⬜ The Battlegrounds & Index Anchors (Neutral) In the Neutral zone, large institutional books are being balanced, leading to heavy tug-of-wars. The Bank Anchor Matrix: CPI (+1.56%), SBK (+1.99%), and NED (+0.59%) all finished with steady positive changes from the open. This reveals a deliberate index-stabilization strategy. Institutions are actively buying the intraday tape across financials to keep the broader market afloat while they liquidate other sectors. The Speculative Blindside: Look at SOLBE1 exploding +12.45% from its open. Sitting in a neutral daily framework, this massive vertical intraday move points to a localized liquidity squeeze or concentrated speculative flow that completely caught market makers off guard. 🕳️ Near-Term Bottom-Fishing vs. Real Liquidation (Oversold / Weak) In these depressed zones, the change from open is the ultimate tool for spotting structural floors or warning you to stay away. Short Covering & Intraday Capitulation Flips: Look closely at PAN (+3.29%), MNP (+2.04%), BOX (+2.45%), and SPP (+2.31%). These stocks are structurally weak or deeply oversold on their macro charts, yet they closed significantly higher than their morning opens. This is a clear sign of intraday capitulation flipping: short-sellers are aggressively covering their tracks, and deep-value institutional buyers are finally putting a floor under the price. Relentless, Unforgiving Liquidation: Now look at NPH (-2.27%), ARI (-1.93%), RLO (-1.90%), and SAP (-4.90%). These shares are deeply oversold, yet they continue to bleed lower from the open to the close. This indicates systematic, un-price-sensitive fund dumping. Large institutions are exiting these sectors entirely, hitting the bids all day long. In this regime, a negative change from open tells you to never catch the falling knife. Lester Davids Senior Investment Analyst: Unum Capital

Premium Content > https://www.unum.capital/post/premiumcontent Free Content: June 2026 > https://www.unum.capital/post/rjune2026 Trade Local & Global Financial Markets with Unum Capital. To get started, email tradingdesk@unum.co.za Sanlam Ltd (SLM) - the share traded into the middle of our buy re-entry range. Previous Post (13 March): For our clients trading Sanlam Ltd (SLM). Trading Notes/Resources (Where Applicable) READY TO TRADE: ACTIONABLE AREAS: For active traders who look to generate cash flow on a continuous basis, determining the ‘next best probability’ level to execute against may be of immense value. The blue and red horizontal lines on the chart represent a next best probability buy re-entry range and a next best probability sell re-entry range over the short term. The ranges assume no existing position being held by a trader while the probabilities are based on several factors which may include: short term rating, medium term regime, momentum, horizontal or diagonal support/resistance, candle structure, moving averages and standard deviation, among others. These are short term levels and may be in contrast to medium and long term outlooks which are based on the weekly and monthly charts and, which may be applicable to long term investors. These levels are subject to change based on sentiment, the subsequent price action and company/sector specific or macro news flow. As always, while the levels are outlined, traders should be prepared to adjust in real-time based on the aforementioned. "Strategy Alerts" help clients identify trading opportunities. When a ticker's real-time or pre-market price action aligns with the criteria on a slide—such as a pullback to the 21-day EMA or a breakout from a consolidation base—it effectively "matches" that stock to the strategy, triggering an alert to a potential trading opportunity. This approach transforms the playbook into a dynamic scanning tool, allowing you to instantly categorize active stocks by the specific technical thesis playing out, ensuring that every trading potential opportunity communicated is backed by a predefined, actionable setup. THE TACTICAL TRADING GUIDE (PRICE ACTION MODEL): UNCOVER OPPORTUNITIES & ASSESS REWARD-TO-RISK It helps helps clients determine and shed light on the some of the following: The CURRENT TECHNICAL POSITION and a PRICE ACTION PROBABILITY for multiple time frames. Three (3) ‘trading’ time frames are considered: Short Term (1 to 10 days) / Medium Term (2 to 4 weeks) and Long Term (5 to 8 weeks) Whether the reward-to-risk is attractive for a buy/long position Whether a share is weak. In this case, wait until the price stabilizes before looking to enter (i.e. want until it stops going down) Whether aggressive buying is underway. In this case, do not ‘chase’ (do not buy) but instead wait for a pullback to re-enter a buy or an overextension with deteriorating candle structure to sell/short. Whether a trader can look to buy a pullback into a key moving average (continuation trade) Whether a share needs to break a range for a new trend to be determined (bullish or bearish) Whether a traders needs to monitor for a change of character that could lead to a bullish or bearish reversal Whether a share could start a consolidation phase or before continuing it’s bullish or bearish trend Whether the upward momentum is slowing (if it's in a bullish phase) Whether buyers can look to 'phase in' to a position (if it's in a bearish phase) Whether a share lacks directional bias. The data set is available in real-time (on request) The readings are subject to change as the price action develops. Lester Davids Senior Investment Analyst: Unum Capital Lester Davids Senior Investment Analyst: Unum Capital

Premium Content > https://www.unum.capital/post/premiumcontent Free Content: June 2026 > https://www.unum.capital/post/rjune2026 Trade Local & Global Financial Markets with Unum Capital. To get started, email tradingdesk@unum.co.za Free Content. When published intraday, JSE prices are delayed by 15-minutes. NORTHAM PLATINUM We initially warned on the share above R380. It briefly traded to above R450 before commencing a multi-month pullback (now below R270). Provisionally, look for short term support near R250 to R257. Previous Post (20 January) Distance Divergence: Short Term Caution on This Platinum Share High bullish momentum with some risk in the form of distance divergence where the price develops a HIGHER HIGH, while the indicator develops a LOWER HIGH. Upper Panel = Price Lower Panel = Distance vs 200-Day Simple Moving Average Medium Term Traders = Reduce See our note on the 4 Platinum Miners earlier this Month (07 January). Link as follows > https://www.unum.capital/post/jseplat0701 Trading Notes/Resources (Where Applicable) READY TO TRADE: ACTIONABLE AREAS: For active traders who look to generate cash flow on a continuous basis, determining the ‘next best probability’ level to execute against may be of immense value. The blue and red horizontal lines on the chart represent a next best probability buy re-entry range and a next best probability sell re-entry range over the short term. The ranges assume no existing position being held by a trader while the probabilities are based on several factors which may include: short term rating, medium term regime, momentum, horizontal or diagonal support/resistance, candle structure, moving averages and standard deviation, among others. These are short term levels and may be in contrast to medium and long term outlooks which are based on the weekly and monthly charts and, which may be applicable to long term investors. These levels are subject to change based on sentiment, the subsequent price action and company/sector specific or macro news flow. As always, while the levels are outlined, traders should be prepared to adjust in real-time based on the aforementioned. "Strategy Alerts" help clients identify trading opportunities. When a ticker's real-time or pre-market price action aligns with the criteria on a slide—such as a pullback to the 21-day EMA or a breakout from a consolidation base—it effectively "matches" that stock to the strategy, triggering an alert to a potential trading opportunity. This approach transforms the playbook into a dynamic scanning tool, allowing you to instantly categorize active stocks by the specific technical thesis playing out, ensuring that every trading potential opportunity communicated is backed by a predefined, actionable setup. THE TACTICAL TRADING GUIDE (PRICE ACTION MODEL): UNCOVER OPPORTUNITIES & ASSESS REWARD-TO-RISK It helps helps clients determine and shed light on the some of the following: The CURRENT TECHNICAL POSITION and a PRICE ACTION PROBABILITY for multiple time frames. Three (3) ‘trading’ time frames are considered: Short Term (1 to 10 days) / Medium Term (2 to 4 weeks) and Long Term (5 to 8 weeks) Whether the reward-to-risk is attractive for a buy/long position Whether a share is weak. In this case, wait until the price stabilizes before looking to enter (i.e. want until it stops going down) Whether aggressive buying is underway. In this case, do not ‘chase’ (do not buy) but instead wait for a pullback to re-enter a buy or an overextension with deteriorating candle structure to sell/short. Whether a trader can look to buy a pullback into a key moving average (continuation trade) Whether a share needs to break a range for a new trend to be determined (bullish or bearish) Whether a traders needs to monitor for a change of character that could lead to a bullish or bearish reversal Whether a share could start a consolidation phase or before continuing it’s bullish or bearish trend Whether the upward momentum is slowing (if it's in a bullish phase) Whether buyers can look to 'phase in' to a position (if it's in a bearish phase) Whether a share lacks directional bias. The data set is available in real-time (on request) The readings are subject to change as the price action develops. Lester Davids Senior Investment Analyst: Unum Capital

Premium Content > https://www.unum.capital/post/premiumcontent Free Content: June 2026 > https://www.unum.capital/post/rjune2026 Trade Local & Global Financial Markets with Unum Capital. To get started, email tradingdesk@unum.co.za Free Content Note: When published intraday, JSE equity prices are delayed by 15-minutes. Gold Fields (GFI) - The share is in a 'WEAK' momentum regime and is just about to enter the 'HIGH BEARISH MOMENTUM / APPROACHING OVERSOLD' phase. To further clarify, the share is far from being truly OVERSOLD. It currently trades near the long-held R600 support, however this level is vulnerable to being breached in the next few session. The price is below it's declining short term moving averages and has also breached the medium term 200-day and 50-week EMA. There is no clear next level support which places the share in a price discovery mode. The first best probability level of interest is the R540 to R555 range though this level is subject to change in real-time depending on the subsequent price action and news flow. READY TO TRADE: ACTIONABLE AREAS For active traders who look to generate cash flow on a continuous basis, determining the ‘next best probability’ level to execute against may be of immense value, specifically by helping to determine the best potential times and levels to commit capital. The blue and red horizontal lines on the chart represent a next-best-probability buy re-entry range and a next-best-probability sell re-entry range over the short term. The ranges assume no existing position is being held by a trader, while the probabilities are based on several factors, which may include: Short-term ratings and medium-term regimes Momentum indicators Horizontal or diagonal support and resistance Candle structure Moving averages and standard deviation Please note that these are short-term levels and may contrast with medium- and long-term outlooks, which are based on the weekly and monthly charts and are generally more applicable to long-term investors. These levels are subject to change based on market sentiment, subsequent price action, and company/sector-specific or macroeconomic news flow. As always, while the levels are outlined to guide your capital deployment, traders should be prepared to adjust in real-time based on the aforementioned factors. THE TACTICAL TRADING GUIDE (PRICE ACTION MODEL): UNCOVER OPPORTUNITIES & ASSESS REWARD-TO-RISK It helps helps clients determine and shed light on the some of the following: The CURRENT TECHNICAL POSITION and a PRICE ACTION PROBABILITY for multiple time frames. Three (3) ‘trading’ time frames are considered: Short Term (1 to 10 days) / Medium Term (2 to 4 weeks) and Long Term (5 to 8 weeks) Whether the reward-to-risk is attractive for a buy/long position Whether a share is weak. In this case, wait until the price stabilizes before looking to enter (i.e. want until it stops going down) Whether aggressive buying is underway. In this case, do not ‘chase’ (do not buy) but instead wait for a pullback to re-enter a buy or an overextension with deteriorating candle structure to sell/short. Whether a trader can look to buy a pullback into a key moving average (continuation trade) Whether a share needs to break a range for a new trend to be determined (bullish or bearish) Whether a traders needs to monitor for a change of character that could lead to a bullish or bearish reversal Whether a share could start a consolidation phase or before continuing it’s bullish or bearish trend Whether the upward momentum is slowing (if it's in a bullish phase) Whether buyers can look to 'phase in' to a position (if it's in a bearish phase) Whether a share lacks directional bias. The data set is available in real-time (on request) The readings are subject to change as the price action develops. Lester Davids Senior Investment Analyst: Unum Capital

Premium Content > https://www.unum.capital/post/premiumcontent Free Content: June 2026 > https://www.unum.capital/post/rjune2026 Trade Local & Global Financial Markets with Unum Capital. To get started, email tradingdesk@unum.co.za Free Content Note: When published intraday, JSE equity prices are delayed by 15-minutes. (1) regime = high bearish momentum / approaching oversold (2) 200d breakdown (3) very poor candle structure (4) trading on neckline support (likely to break lower) (5) unfilled gap at ~4000c and ~3819c (6) aggressive selling candle take it down to the 200-week near 3700c-3400c READY TO TRADE: ACTIONABLE AREAS For active traders who look to generate cash flow on a continuous basis, determining the ‘next best probability’ level to execute against may be of immense value, specifically by helping to determine the best potential times and levels to commit capital. The blue and red horizontal lines on the chart represent a next-best-probability buy re-entry range and a next-best-probability sell re-entry range over the short term. The ranges assume no existing position is being held by a trader, while the probabilities are based on several factors, which may include: Short-term ratings and medium-term regimes Momentum indicators Horizontal or diagonal support and resistance Candle structure Moving averages and standard deviation Please note that these are short-term levels and may contrast with medium- and long-term outlooks, which are based on the weekly and monthly charts and are generally more applicable to long-term investors. These levels are subject to change based on market sentiment, subsequent price action, and company/sector-specific or macroeconomic news flow. As always, while the levels are outlined to guide your capital deployment, traders should be prepared to adjust in real-time based on the aforementioned factors. THE TACTICAL TRADING GUIDE (PRICE ACTION MODEL): UNCOVER OPPORTUNITIES & ASSESS REWARD-TO-RISK It helps helps clients determine and shed light on the some of the following: The CURRENT TECHNICAL POSITION and a PRICE ACTION PROBABILITY for multiple time frames. Three (3) ‘trading’ time frames are considered: Short Term (1 to 10 days) / Medium Term (2 to 4 weeks) and Long Term (5 to 8 weeks) Whether the reward-to-risk is attractive for a buy/long position Whether a share is weak. In this case, wait until the price stabilizes before looking to enter (i.e. want until it stops going down) Whether aggressive buying is underway. In this case, do not ‘chase’ (do not buy) but instead wait for a pullback to re-enter a buy or an overextension with deteriorating candle structure to sell/short. Whether a trader can look to buy a pullback into a key moving average (continuation trade) Whether a share needs to break a range for a new trend to be determined (bullish or bearish) Whether a traders needs to monitor for a change of character that could lead to a bullish or bearish reversal Whether a share could start a consolidation phase or before continuing it’s bullish or bearish trend Whether the upward momentum is slowing (if it's in a bullish phase) Whether buyers can look to 'phase in' to a position (if it's in a bearish phase) Whether a share lacks directional bias. The data set is available in real-time (on request) The readings are subject to change as the price action develops. Lester Davids Senior Investment Analyst: Unum Capital

Premium Content > https://www.unum.capital/post/premiumcontent Free Content: June 2026 > https://www.unum.capital/post/rjune2026 Trade Local & Global Financial Markets with Unum Capital. To get started, email tradingdesk@unum.co.za Free Content Note: When published intraday, JSE equity prices are delayed by 15-minutes. 1-Month Trend The 1-Month Trend heatmap reveals acute tactical weakness clustered heavily within the precious metals and domestic retail sectors. Deep red nodes dominate the visual field, driven by precipitous short-term collapses in names like Pan African Resources (PAN, -24.72%), Sappi (SAP, -23.17%), and Impala Platinum (IMP, -20.05%). Conversely, the few bright green patches are concentrated entirely in high-momentum technology and speculative plays, with ASP Isotopes (ISO) and Altron (AEL) surging over 25%, highlighting a market where capital is fleeing traditional cyclicals for isolated growth narratives. 3-Month Trend Extending the horizon to the 3-Month Trend, the heatmap illustrates a deeply entrenched bifurcation that has only worsened over the quarter. The commodity complex is split: while gold and platinum names continue to bleed into capitulatory territory (with PAN and SSW shedding over 30%), energy and chemicals—led by Sasol's (SOL) explosive +56.20% advance—shine bright green. This visual divide confirms that the recent market action is not a broad-based selloff, but a violent factor rotation where winners are aggressively accumulated and losers are structurally abandoned. 6-Month Structural The 6-Month Structural heatmap provides a stark visualization of long-term regime shifts, particularly the systemic destruction of the domestic consumer theme. The darkest red blocks belong exclusively to retail and packaging names—Spar Group (SPP, -50.35%), Sappi (SAP, -49.59%), and Clicks (CLS, -31.75%)—indicating a complete withdrawal of institutional support. On the bullish side, the map shows healthy, broad-based green distribution across diversified miners (GLN, S32) and tech/telecoms (MTN), proving that offshore-earning proxies have served as the primary defensive anchor for the index this year. Intraday Order Flow (Gap Proxy) Looking at the Intraday Order Flow heatmap, which proxies opening gaps versus closing drift, the tape highlights extreme intraday volatility tightly correlated with momentum extremes. The brightest green nodes align precisely with the month's biggest winners (ISO, AEL, BYI), indicating that buyers are not only accumulating these names but are doing so violently at the open, creating runaway breakaway gaps. Meanwhile, the dark red clusters in the resource space suggest that sellers are dumping shares into the opening auction, with assets failing to catch any meaningful intraday mean-reversion bids. Micro Tension (vs 8 EMA Proxy) The Micro Tension heatmap measures severe short-term stretching against the fast 8-period moving average, and currently, it displays a remarkably clean tape with only highly isolated extremes. Because most names have reverted to their fast averages, the map is largely neutral, save for the glaring outliers: ISO and AEL are stretched dangerously high above trend, warning of imminent tactical froth, while PAN and SAP remain pinned to the floor, reflecting an intense lack of short-term buying interest to relieve the oversold tension. Tactical Tension (vs 21 EMA Proxy) The Tactical Tension heatmap visually mirrors the 1-month return profile, but contextualized as distance from the 21-day intermediate baseline, it reveals a tape heavily skewed toward downside momentum. A significant portion of the universe is printed in varying shades of red, signaling that the median stock is currently trading well below its active tactical trendline. This broad-based tactical weakness confirms that beneath the surface-level resilience of a few mega-caps, the average constituent is struggling to maintain upward structural momentum. Inter Tension (vs 75 EMA Proxy) On the Inter Tension heatmap, the distance to the 75-period proxy shows the "fat middle" of the market is currently experiencing a profound directional struggle. While the extreme tails (tech on the high side, retail on the low side) are clearly defined, a massive cluster of grey and pale blocks indicates that financials (ABG, SBK) and large consumer defensive names are churning sideways. This suggests that allocators are waiting for a definitive macroeconomic catalyst before committing fresh capital to the market's core ballast. Secular Tension (vs 200 SMA Proxy) Finally, the Secular Tension heatmap, measuring proximity to the 200-day moving average, paints a picture of a market clinging to long-term health by a thread. While the absolute number of stocks above their 200-SMA remains viable, the depth of the laggards is alarming; the retail cohort is painted in maximum red, trading more than 15% to 20% below their secular baselines. This visual confirms that while the index hasn't broken down completely, the structural damage in the weakest sectors is severe enough to require quarters, not weeks, of base-building to repair. Lester Davids Senior Investment Analyst: Unum Capital

Premium Content > https://www.unum.capital/post/premiumcontent Free Content: June 2026 > https://www.unum.capital/post/rjune2026 Trade Local & Global Financial Markets with Unum Capital. To get started, email tradingdesk@unum.co.za Tactical Synthesis & Relative Market Update The Global Growth Monopoly: Tech is the absolute relative engine of the global market. It is the only sector flashing High Bullish Momentum (#2) across the multi-month and quarterly timeframes. It has slowed to a market-performing Neutral (#4) only on the Ultra Short-Term horizon, pointing to a minor daily digestion phase within a powerful structural outperformance trend. The Market Performer: Energy occupies a perfectly flat Neutral (#4) footprint across every single timeframe from quarterly down to daily. It is tracking the Global 100 baseline verbatim, offering zero relative alpha or drag. The Daily Relief Inflow: A massive group of structurally damaged sectors—Financials, Industrials, Utilities, Healthcare, Real Estate, and Consumer Staples—have all simultaneously triggered a Strong (#3) Ultra Short-Term daily bounce. However, because their broader trends remain pinned in Weak (#5) or High Bearish Momentum (#6) regimes, these moves must be viewed as tactical oversold relief rallies rather than sustainable structural reversals. The Deep Value / Capitulation Zone: Heavy capitulation is visible in Communications and Consumer Discretionary. Consumer Discretionary is severely washed out, lodging a deep Oversold (#7) regime in the Long and Medium term, though it has stabilized to Neutral (#4) on the daily horizon. Communications is experiencing acute intermediate weakness, trapped in Oversold (#7) regimes on both the Monthly and Weekly scales. Risks to the Current Positioning Extreme Concentration Risk (Tech Overcrowding): With global capital completely abandoning cyclicals and value to pile into Tech, the index's reliance on a single sector has reached an extreme threshold. While High Bullish Momentum (#2) mandates selling only on sharp rallies, any systemic risk or broad valuation re-rating in megacap tech will trigger a violent drag on the benchmark, given the total lack of structural support in the remaining 10 sectors. The Dead Cat Bounce Trap: The synchronized Strong (#3) daily print across Financials, Industrials, Utilities, and Staples is highly likely to lure in premature trend-followers. Because the underlying quarterly and monthly foundations remain structurally Weak (#5) or High Bearish (#6), treating these daily inflows as a structural bottom before weekly timelines cross over into a Neutral/Strong state carries high risk. Consumer Structural Destitution: The deep Oversold (#7) position of global Consumer Discretionary underlines an environment where high global borrowing costs and sticky core inflation continue to break the back of non-essential spending. Tactical daily stabilization should not be confused with an investment case until the Medium-Term (Monthly) matrix shows a definitive trend repair. Lester Davids Senior Investment Analyst: Unum Capital

Premium Content > https://www.unum.capital/post/premiumcontent Free Content: June 2026 > https://www.unum.capital/post/rjune2026 Trade Local & Global Financial Markets with Unum Capital. To get started, email tradingdesk@unum.co.za Free Content Note: When published intraday, JSE equity prices are delayed by 15-minutes. Disclosure: This report was generated using an artificial intelligence tool, based on the analyst's own data. Market Biased to the Bears: Out of the total universe of analyzed stocks, only a tiny handful are sitting in the Overbought/High Bullish groups, while a massive chunk are flashing High Bearish Momentum / Approaching Oversold. The systemic path of least resistance is heavily weighted to the downside. The Swollen Belly (Neutral Aggregation): The vast majority of the index sits locked inside the Neutral bracket. This signifies a market experiencing a broad volatility squeeze; liquidity is pooling here before a major macro-directional breakout. Severe Financial Sector Fragmentation: Major banking counters show a significant lack of internal cohesion. ABG sits comfortably in the middle Neutral zone, while regional peers SBK and NED have deteriorated into the Weak category, showcasing localized capital outflows. Precious Metals Uniformity: Market breadth within the non-energy mineral/precious metals space is uniformly toxic. ANG, ARI, DRD, GFI, HAR, IMP, NPH, PAN, SSW, and VAL are all operating in the bottom tiers. There is zero rotation within this sector; everything is being sold simultaneously. Consumer Staples Defensive Decay: Traditional safety nets are failing to provide market breadth support. Mega-staples like ANH and BTI are pinned deep in the Weak territory, showing that institutional investors are shunning defensive consumer positioning. Real Estate Internal Bear Market: Property breadth is massively skewed downward. Out of roughly 19 property/REIT vehicles, the strong majority (HYP, RDF, SSS, BTN, EQU, FFB, NRP) occupy the bottom tiers. Except for the Fairvest twins and Emira, the real estate sector is highly depressed. Retail Disruption Breadth: Retail trade breadth has disintegrated. WBC, WHL, PIK, and PPH indicate that internal participation in retail is highly suppressed, leaving MRP as a lonely outlier. Healthcare Structural Breakdown: The healthcare/hospital segment is operating with zero bullish breadth. LHC and SNT are at or near oversold levels, proving structural industry-wide liquidation by major fund managers. Macro Duration Alert: A critical mass of stocks shows healthier long-term structural trends than short-term momentum. This suggests that while the multi-year macro trends are attempting to hold, short-term market breadth is suffering a sharp cyclical correction. Volume/ATR Volatility Disconnect: The stocks with the highest individual daily ranges (high ATR percentages) are clustered at the extreme polar ends of the matrix (PAN at the bottom, ISO and SOL near the top). This indicates that the market's internal breadth is fracturing into low-volatility "dead zones" (the Neutral block) and high-volatility "hot spots." Lester Davids Senior Investment Analyst: Unum Capital

Premium Content > https://www.unum.capital/post/premiumcontent Free Content: June 2026 > https://www.unum.capital/post/rjune2026 Trade Local & Global Financial Markets with Unum Capital. To get started, email tradingdesk@unum.co.za Free Content Note: When published intraday, JSE equity prices are delayed by 15-minutes. Buying & Long Positions Risk for New Buy Entries: Falling Knife Acceleration. The index is locked in a vertical markdown phase that has cleared intermediate support levels. Tactical momentum is accelerating downward into weak territory without showing structural signs of exhaustion or bullish divergence. Attempting to buy the index here exposes capital to a high-probability continuation flush toward the major psychological floor at 100,000. Risk for Existing Long Positions: Capital Liquidation. The breakdown out of the recent distribution flag has transformed former structural floors into a thick ceiling of overhead supply. Failing to manage risk aggressively here exposes portfolios to severe unhedged drawdown as macro distributions unwind. What Can Change? A high-volume daily reversal session printing a distinct lower shadow near key long-term demand, coupled with a sharp upward hook in short-term velocity indicators, would be mandatory to signal the initialization of a tactical floor. Selling & Short Positions Risk for New Short Entries: Mean-Reversion Snapback. While the path of least resistance is heavily skewed to the downside, shorting the tape after an immediate multi-day collapse puts entries at risk of a sudden, low-volume short-covering bounce designed to work off short-term tactical compression. Risk for Existing Short Positions: Profit Retention. Existing short positions are exceptionally well-positioned following the rollover from the 115,000 ceiling. The principal operational risk is trailing stop complacency; stops must be dialed down aggressively to lock in unbooked premium before any technical mean-reversion occurs. What Can Change? A clean, high-volume break below the immediate horizontal liquidity floor at 103,000 would confirm an immediate extension of the markdown leg, exposing the index to a direct test of its primary secular anchors. Lester Davids Senior Investment Analyst: Unum Capital

Premium Content > https://www.unum.capital/post/premiumcontent Free Content: June 2026 > https://www.unum.capital/post/rjune2026 Trade Local & Global Financial Markets with Unum Capital. To get started, email tradingdesk@unum.co.za Free Content Note: When published intraday, JSE equity prices are delayed by 15-minutes. Lester Davids Senior Investment Analyst: Unum Capital