Week Ending: 28 August 2026

Spain ES Sector

Industrials

For the week ending 28 August 2026, Industrials declined 0.18% with 15 advancing, 17 declining, and 4 unchanged constituents. The index is equal weighted and built from country-listed equities.

Current architecture Deceleration

The positive Trend gate remains, but fan energy or fast-line momentum is cooling.

56 technical evidence
Index1800.75 1 week-0.18% Breadth42% Members36
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 Deceleration 7 completed weeks in this state
Trend acceptance 1.8% Index versus Trend Line
Persistence 75% Positive regime, shorter trend weakening
Participation 42% 15 advancing, 17 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 Hold and wait for confirmation

The evidence is balanced enough to avoid a defensive call, but not aligned enough for aggressive positioning.

56 technical evidence
out of 100
Evidence balance

Five-pillar map

Wait
Trend
65
Breadth
28
Persistence
66
Relative
43
Risk quality
95
What supports the view
  • The index remains above a constructive Trend gate.
  • Constituent trends show positive multi-horizon persistence.
What restrains conviction
  • Breadth remains too narrow or inconsistent for a high-conviction position.
  • The group is not yet delivering dependable relative outperformance.
  • Activity Line energy is decelerating despite the positive Trend gate.
  • 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 reclaim of 1,769.67, 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 Deceleration

The positive Trend gate remains, but fan energy or fast-line momentum is cooling.

State age7 weeks
Trend gateUp
Fan width0.92%
Fast versus slow change-0.89 pts
Above 17% Below 0%
Six completed weeks of price acceptance relative to the full Activity Line fan.
Index persistence

Positive regime, shorter trend weakening

75% agreement

The long trend remains positive, but the 13-week horizon has turned against it.

13-week
-0.8%
26-week
2.6%
39-week
11.4%
52-week
11.1%
Regime age88 weeks 52-week flips0 52-week boundary1620.82
Constituent trend persistence

Is the index move broadly durable?

97% coverage
Coherent positive34%
Coherent negative14%
Average horizon agreement76%
Positive horizon share59%
Weakening positives10
Repairing negatives2

35 constituents measured as of 28 Aug 2026. Median trend age is 67 weeks.

Custom stage map

Where constituents sit in the cycle

97% coverage
Stage 1 · Basing9%3 securities
Stage 2 · Advancing29%10 securities
Stage 3 · Distribution31%11 securities
Stage 4 · Declining31%11 securities
Re-acceleration watch0 Transition watch6 Relative strength leaders11% Fair Value repairs2

Measured as of 28 Aug 2026. Stages summarize price, Activity Line architecture, Fair Value position and relative evidence.

Architecture breadth

How market energy is distributed

75/100 mean confidence
Upward expansion
37% 13
Rotation up
0% 0
Deceleration
9% 3
Balance
14% 5
Rotation down
17% 6
Downward expansion
23% 8
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

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

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 index107.6
13-week trend108.4
4-week trend change0.06%
Weekly peer rank8 of 11
1 week
-0.2 pts relative
4 weeks
0.0 pts relative
13 weeks
0.3 pts relative
26 weeks
2.2 pts relative
52 weeks
1.7 pts relative

Market internals

Participation, dispersion and path risk

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

Breadth

Participation quality

Narrow
Advancing
15
Declining
17
Unchanged
4
4-week average 38%
13-week average 43%
Risk and persistence

Path quality

52-week lens
Annualised weekly volatility11.1%
Drawdown from 52-week high-3.0%
Positive weeks, last 1346%
Current directional run2 weeks
Turnover versus 13-week norm128%
Breadth impulse-1.4 pts
Cross-section

Return distribution

36 measured
Q1 -1.1% Median 0.0% Q3 1.6%
Average winner3.2%
Average loser-3.2%
Dispersion4.6 pts
Top-five upside share70%
Top-five capital share88%
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.

0/1 positive
Above Trend Line0/10% of industries
Constructive breadth0/1At least half advancing
Median industry-1.57%0.00 pts dispersion
#1 Weakening

Engineering & Construction

-1.57%
Participation27% vs Trend-3.6% vs Fair Value23.1% Members15

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 36 measured constituents.

Leadership tape

Leaders, laggards and contribution shape

Latest completed week, ranked on uncapped constituent returns.

Leading edge

1 ELZAsturiana de Laminados, S.A.
9.59% 2 RBTRobot, S.A.
9.52% 3 CAFConstrucciones y Auxiliar de Ferrocarriles, S.A.
6.97% 4 IAGInternational Consolidated Airlines Group S.A.
3.83% 5 PSGProsegur Compañía de Seguridad, S.A.
3.55%

Weakest edge

36 ALQAlquiber Quality, S.A.
-12.27% 35 ENRSEnerside Energy, S.A.
-12.24% 34 DESADesarrollos Especiales de Sistemas de Anclaje, S.A.
-11.20% 33 FERFerrovial N.V.
-5.84% 32 GREGrenergy Renovables, S.A.
-2.36%

Constituent ledger

Sector constituents

All 36 measured constituents, ranked by latest weekly return.

Rank Ticker Company Exchange Market cap Close Index contribution Return
1 ELZ Asturiana de Laminados, S.A. MCE 10.16M 0.08 0.27 pts
9.59%
2 RBT Robot, S.A. MCE 17.51M 5.75 0.26 pts
9.52%
3 CAF Construcciones y Auxiliar de Ferrocarriles, S.A. MCE 2.49B 72.10 0.19 pts
6.97%
4 IAG International Consolidated Airlines Group S.A. MCE 21.74B 5.12 0.11 pts
3.83%
5 PSG Prosegur Compañía de Seguridad, S.A. MCE 1.54B 2.92 0.10 pts
3.55%
6 APG Axon Partners Group, S.A. MCE 92.17M 17.60 0.10 pts
3.53%
7 LLYC Llorente & Cuenca, S.A. MCE 56.10M 4.88 0.07 pts
2.52%
8 CASH Prosegur Cash, S.A. MCE 973.06M 0.666 0.07 pts
2.46%
9 MDF Duro Felguera, S.A. MCE 24.83M 0.2655 0.05 pts
1.92%
10 FCC Fomento de Construcciones y Contratas, S.A. MCE 5.23B 11.30 0.04 pts
1.44%
11 ANA Acciona, S.A. MCE 10.64B 212.00 0.03 pts
1.05%
12 AZK Azkoyen, S.A. MCE 243.89M 10.10 0.03 pts
1.00%
13 ENO Elecnor, S.A. MCE 2.61B 32.00 0.01 pts
0.31%
14 LOG Logista Integral, S.A. MCE 4.72B 35.82 0.01 pts
0.18%
15 SCYR Sacyr, S.A. MCE 3.33B 4.30 0.00 pts
0.14%
16 COM Catenon, S.A. MCE 18.40M 1.02 0.00 pts
0.00%
17 GRI Griñó Ecologic, S.A. MCE 51.63M 1.68 0.00 pts
0.00%
18 NBI NBI Bearings Europe, S.A. MCE 37.43M 3.08 0.00 pts
0.00%
19 TLGO Talgo, S.A. MCE 359.98M 2.72 0.00 pts
0.00%
20 TSK TSK ELECTRONICA Y ELECTRICIDAD, MCE 711.96M 6.44 0.00 pts
-0.16%
21 NEA Nicolás Correa, S.A. MCE 121.25M 9.52 -0.01 pts
-0.21%
22 OHLA Obrascón Huarte Lain, S.A. MCE 531.69M 0.4108 -0.01 pts
-0.29%
23 AIR Airbus SE MCE 155.05B 203.00 -0.01 pts
-0.42%
24 TRE Técnicas Reunidas, S.A. MCE 1.99B 27.24 -0.01 pts
-0.44%
25 GGR Greening Group Global S.A. MCE 61.54M 2.07 -0.01 pts
-0.48%
26 EZE Grupo Ezentis, S.A. MCE 56.13M 0.0704 -0.02 pts
-0.85%
27 ACS ACS, Actividades de Construcción y Servicios, S.A. MCE 26.79B 103.90 -0.03 pts
-1.05%
28 GSJ Grupo Empresarial San José, S.A. MCE 494.85M 7.83 -0.04 pts
-1.39%
29 AENA Aena S.M.E., S.A. MCE 38.82B 26.46 -0.05 pts
-1.71%
30 CLR CLERHP Estructuras, S.A. MCE 349.11M 21.70 -0.05 pts
-1.81%
31 END Endurance Motive, S.A. MCE 39.84M 3.25 -0.05 pts
-1.81%
32 GRE Grenergy Renovables, S.A. MCE 2.45B 90.90 -0.07 pts
-2.36%
33 FER Ferrovial N.V. MCE 36.05B 50.62 -0.16 pts
-5.84%
34 DESA Desarrollos Especiales de Sistemas de Anclaje, S.A. MCE 43.43M 22.20 -0.31 pts
-11.20%
35 ENRS Enerside Energy, S.A. MCE 18.49M 0.43 -0.34 pts
-12.24%
36 ALQ Alquiber Quality, S.A. MCE 76.77M 14.30 -0.34 pts
-12.27%

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

Evidence context