Week Ending: 18 September 2026

Brazil BR Consumer Cyclical Industry

Travel Services

For the week ending 18 September 2026, Travel Services declined 2.50% with 3 advancing, 6 declining, and 0 unchanged constituents. The index is equal weighted and the constituent tape shows uncapped security returns.

Current architecture Unresolved

The Activity Lines, Trend Line and price acceptance remain genuinely mixed.

31 technical evidence
Index1418.06 1 week-2.50% Breadth33% Members9
Country 🇧🇷 Brazil · BR
Sector Consumer Cyclical
Universe country-listed
Price basis Adjusted weekly close

Trend architecture

Index, activity fan and structural anchors

Rolling 156-week evidence. Trend Signal points mark weeks when price, trend and the activity fan confirmed together.

Index Value Trend Line Fair Value Activity Lines Constructive architecture Transitional architecture Defensive architecture
Current architecture Unresolved 1 completed week in this state
Trend acceptance -6.5% Index versus Trend Line
Persistence 100% Negative across every horizon
Participation 33% 3 advancing, 6 declining

Investor positioning lens

Is the evidence ready for capital?

A rules-based technical classification using trend, breadth, persistence, relative strength and path quality.

Current posture Defensive posture

The weight of trend, participation and relative evidence favours capital protection over new exposure.

31 technical evidence
out of 100
Evidence balance

Five-pillar map

Defensive
Trend
31
Breadth
37
Persistence
13
Relative
20
Risk quality
69
What supports the view
  • No major confirming factor has secured control.
What restrains conviction
  • Index trend architecture has not delivered a durable upward expansion.
  • Breadth remains too narrow or inconsistent for a high-conviction position.
  • Constituent persistence remains divided or predominantly negative.
  • The group is not yet delivering dependable relative outperformance.
  • Stage 4 declining constituents exceed Stage 2 advancing constituents by 56 percentage points.
  • Positive contribution is concentrated in a small leadership cohort.
Independent sentiment overlay Sentiment held separate

Qualified news coverage is too thin to alter the technical positioning view.

Evidence that would change the view
  1. A completed weekly reclaim of 1,515.84, the higher of Trend Line and Fair Value, would improve the structural case.
  2. Breadth holding above 55% for several completed weeks would show that repair is spreading.
  3. Positive 13 and 26-week relative performance would confirm that capital is rotating into the group.

This is a weekly research classification, not personal investment advice. Sentiment is reported as an independent confirmation layer and does not alter the technical score.

Trend state and durability

Architecture, persistence and constituent regimes

The index path is tested against the underlying security-level trend evidence.

Index architecture Unresolved

The Activity Lines, Trend Line and price acceptance remain genuinely mixed.

State age1 weeks
Trend gateMixed
Fan width3.76%
Fast versus slow change-5.60 pts
Above 17% Below 33%
Six completed weeks of price acceptance relative to the full Activity Line fan.
Index persistence

Negative across every horizon

100% agreement

The 13, 26, 39 and 52-week trends all point downward, confirming persistent contraction.

13-week
-6.1%
26-week
-5.8%
39-week
-24.3%
52-week
-22.2%
Regime age21 weeks 52-week flips5 52-week boundary1822.41
Constituent trend persistence

Is the index move broadly durable?

100% coverage
Coherent positive11%
Coherent negative67%
Average horizon agreement94%
Positive horizon share22%
Weakening positives0
Repairing negatives1

9 constituents measured as of 18 Sep 2026. Median trend age is 26 weeks.

Custom stage map

Where constituents sit in the cycle

100% coverage
Stage 1 · Basing0%0 securities
Stage 2 · Advancing22%2 securities
Stage 3 · Distribution0%0 securities
Stage 4 · Declining78%7 securities
Re-acceleration watch0 Transition watch0 Relative strength leaders22% Fair Value repairs0

Measured as of 18 Sep 2026. Stages summarize price, Activity Line architecture, Fair Value position and relative evidence.

Architecture breadth

How market energy is distributed

77/100 mean confidence
Upward expansion
22% 2
Rotation up
0% 0
Deceleration
11% 1
Balance
0% 0
Rotation down
22% 2
Downward expansion
44% 4
Unresolved
0% 0

Architecture breadth shows the distribution of expanding, rotating, balancing and contracting securities. It is diagnostic context and is not added as a second vote in the positioning score.

Capital rotation

Performance relative to Consumer Cyclical

Weakening
Relative index 13-week relative trend Starting level
Rotation dashboard Weakening

A rising relative line means this group is compounding faster than Consumer Cyclical. A falling line means capital has done better in the parent benchmark.

Relative index137.0
13-week trend149.2
4-week trend change1.22%
Weekly peer rank16 of 17
1 week
-1.8 pts relative
4 weeks
-13.0 pts relative
13 weeks
-5.0 pts relative
26 weeks
0.3 pts relative
52 weeks
-7.4 pts relative

Market internals

Participation, dispersion and path risk

Equal-weight index evidence with constituent-level breadth and dispersion.

Breadth

Participation quality

Narrow
Advancing
3
Declining
6
Unchanged
0
4-week average 22%
13-week average 41%
Risk and persistence

Path quality

52-week lens
Annualised weekly volatility24.4%
Drawdown from 52-week high-26.0%
Positive weeks, last 1346%
Current directional run3 weeks
Turnover versus 13-week norm256%
Breadth impulse-8.3 pts
Cross-section

Return distribution

9 measured
Q1 -4.6% Median -2.6% Q3 0.9%
Average winner2.5%
Average loser-5.0%
Dispersion4.9 pts
Top-five upside share100%
Top-five capital share92%
Capital data coverage100%

Dispersion describes how far constituent outcomes are spreading apart. Capital concentration is contextual only; the index itself is equal weighted.

Momentum cycle

30-week persistence

Positive readings show expansion. Negative readings show contraction.

Breadth cycle

Net participation

Advancers less decliners as a percentage of measured constituents.

News and narrative

Does company news confirm the market tape?

Open Sentiment Intelligence
Sentiment evidence is still developing

Qualified company-level news coverage is not yet broad enough to influence the group view.

0 qualified records across 9 measured constituents.

Leadership tape

Leaders, laggards and contribution shape

Latest completed week, ranked on uncapped constituent returns.

Leading edge

1 T1RI34Tripadvisor, Inc.
3.90% 2 EXGR34Expedia Group, Inc.
2.56% 3 CRIP34Trip.com Group Limited
0.90% 4 AIRB34Airbnb, Inc.
-1.26% 5 BKNG34Booking Holdings Inc.
-2.56%

Weakest edge

9 CVCB3CVC Brasil Operadora e Agência de Viagens S.A.
-13.66% 8 R1CL34Royal Caribbean Cruises Ltd.
-4.64% 7 N1CL34Norwegian Cruise Line Holdings Ltd.
-4.57% 6 C1CL34Carnival Corporation Ltd.
-3.18% 5 BKNG34Booking Holdings Inc.
-2.56%

Constituent ledger

Industry constituents

All 9 measured constituents, ranked by latest weekly return.

Rank Ticker Company Exchange Market cap Close Index contribution Return
1 T1RI34 Tripadvisor, Inc. SAO 5.47B 46.65 0.43 pts
3.90%
2 EXGR34 Expedia Group, Inc. SAO 177.51B 739.50 0.28 pts
2.56%
3 CRIP34 Trip.com Group Limited SAO 126.70B 201.20 0.10 pts
0.90%
4 AIRB34 Airbnb, Inc. SAO 504.69B 43.13 -0.14 pts
-1.26%
5 BKNG34 Booking Holdings Inc. SAO 656.14B 4.95 -0.28 pts
-2.56%
6 C1CL34 Carnival Corporation Ltd. SAO 156.96B 113.00 -0.35 pts
-3.18%
7 N1CL34 Norwegian Cruise Line Holdings Ltd. SAO 34.39B 73.15 -0.51 pts
-4.57%
8 R1CL34 Royal Caribbean Cruises Ltd. SAO 350.25B 45.59 -0.52 pts
-4.64%
9 CVCB3 CVC Brasil Operadora e Agência de Viagens S.A. SAO 739.53M 1.39 -1.52 pts
-13.66%

The index uses capped equal-weight weekly constituent returns. The ledger shows uncapped security returns so outliers remain visible for research.

Evidence context