Week Ending: 18 September 2026

Spain ES Sector

Energy

For the week ending 18 September 2026, Energy declined 0.65% with 2 advancing, 2 declining, and 0 unchanged constituents. The index is equal weighted and built from country-listed equities.

Current architecture Upward Expansion

The activity fan is positively ordered above a rising Trend Line with price accepted above it.

84 technical evidence
Index41560.30 1 week-0.65% Breadth50% Members4
Country 🇪🇸 Spain · ES
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 Upward Expansion 8 completed weeks in this state
Trend acceptance 19.3% Index versus Trend Line
Persistence 100% Positive across every horizon
Participation 50% 2 advancing, 2 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 Positioning window open

Trend, participation and relative evidence are sufficiently aligned for selective exposure.

84 technical evidence
out of 100
Evidence balance

Five-pillar map

Position
Trend
90
Breadth
69
Persistence
94
Relative
80
Risk quality
85
What supports the view
  • The index remains above a constructive Trend gate.
  • Participation is broad enough to support the index move.
  • Constituent trends show positive multi-horizon persistence.
  • Relative performance is improving within its parent hierarchy.
What restrains conviction
  • The index is extended well above current Fair Value, increasing chase risk.
  • 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 close below the Trend Line at 34,844.12 would weaken the constructive case.
  2. Breadth falling below 45% while the index holds up would signal narrowing leadership.
  3. A turn to negative 13 and 26-week parent-relative performance would remove the rotation edge.

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 Upward Expansion

The activity fan is positively ordered above a rising Trend Line with price accepted above it.

State age8 weeks
Trend gateUp
Fan width11.20%
Fast versus slow change4.60 pts
Above 83% Below 0%
Six completed weeks of price acceptance relative to the full Activity Line fan.
Index persistence

Positive across every horizon

100% agreement

The 13, 26, 39 and 52-week trends all point upward, giving the advance broad horizon agreement.

13-week
23.7%
26-week
26.1%
39-week
71.0%
52-week
88.5%
Regime age104 weeks 52-week flips0 52-week boundary22043.02
Constituent trend persistence

Is the index move broadly durable?

100% coverage
Coherent positive75%
Coherent negative0%
Average horizon agreement94%
Positive horizon share81%
Weakening positives0
Repairing negatives0

4 constituents measured as of 18 Sep 2026. Median trend age is 176 weeks.

Custom stage map

Where constituents sit in the cycle

100% coverage
Stage 1 · Basing25%1 securities
Stage 2 · Advancing75%3 securities
Stage 3 · Distribution0%0 securities
Stage 4 · Declining0%0 securities
Re-acceleration watch0 Transition watch0 Relative strength leaders75% 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

79/100 mean confidence
Upward expansion
100% 4
Rotation up
0% 0
Deceleration
0% 0
Balance
0% 0
Rotation down
0% 0
Downward expansion
0% 0
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 ES Market Structure

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

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

Relative index363.4
13-week trend318.2
4-week trend change5.33%
Weekly peer rank5 of 11
1 week
-0.4 pts relative
4 weeks
6.4 pts relative
13 weeks
25.2 pts relative
26 weeks
21.6 pts relative
52 weeks
80.5 pts relative

Market internals

Participation, dispersion and path risk

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

Breadth

Participation quality

Balanced
Advancing
2
Declining
2
Unchanged
0
4-week average 63%
13-week average 58%
Risk and persistence

Path quality

52-week lens
Annualised weekly volatility29.6%
Drawdown from 52-week high-0.7%
Positive weeks, last 1362%
Current directional run1 week
Turnover versus 13-week norm240%
Breadth impulse-8.3 pts
Cross-section

Return distribution

4 measured
Q1 -1.4% Median 0.3% Q3 1.1%
Average winner1.5%
Average loser-2.8%
Dispersion3.0 pts
Top-five upside share100%
Top-five capital share100%
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.

Industry map

Where sector leadership is forming

Performance, breadth and trend acceptance across every qualified industry.

1/1 positive
Above Trend Line1/1100% of industries
Constructive breadth1/1At least half advancing
Median industry1.02%0.00 pts dispersion
#1 Advancing

Oil & Gas Integrated

1.02%
Participation67% vs Trend23.4% vs Fair Value156.3% Members3

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 4 measured constituents.

Leadership tape

Leaders, laggards and contribution shape

Latest completed week, ranked on uncapped constituent returns.

Leading edge

1 REPRepsol, S.A.
2.49% 2 XPBRAPetróleo Brasileiro S.A. - Petrobras
0.59% 3 XPBRPetróleo Brasileiro S.A. - Petrobras
-0.01% 4 BKYBerkeley Energia Limited
-5.67%

Weakest edge

4 BKYBerkeley Energia Limited
-5.67% 3 XPBRPetróleo Brasileiro S.A. - Petrobras
-0.01% 2 XPBRAPetróleo Brasileiro S.A. - Petrobras
0.59% 1 REPRepsol, S.A.
2.49%

Constituent ledger

Sector constituents

All 4 measured constituents, ranked by latest weekly return.

Rank Ticker Company Exchange Market cap Close Index contribution Return
1 REP Repsol, S.A. MCE 31.76B 29.64 0.62 pts
2.49%
2 XPBRA Petróleo Brasileiro S.A. - Petrobras MCE 112.29B 8.04 0.15 pts
0.59%
3 XPBR Petróleo Brasileiro S.A. - Petrobras MCE 114.07B 8.89 0.00 pts
-0.01%
4 BKY Berkeley Energia Limited MCE 131.21M 0.291 -1.42 pts
-5.67%

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

Evidence context