The evidence is balanced enough to avoid a defensive call, but not aligned enough for aggressive positioning.
57
technical evidence
out of 100
out of 100
Week Ending: 18 September 2026
South Africa ZA Sector
Technology
For the week ending 18 September 2026, Technology advanced 1.66% with 6 advancing, 5 declining, and 1 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.
57
technical evidence
Index1977.53
1 week1.66%
Breadth50%
Members12
Country
🇿🇦 South Africa · ZA
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
1 completed week in this state
Trend acceptance
4.2%
Index versus Trend Line
Persistence
75%
Positive regime, horizons divided
Participation
50%
6 advancing, 5 declining
Investor positioning lens
Is the evidence ready for capital?
A rules-based technical classification using trend, breadth, persistence, relative strength and path quality.
Evidence balance
Wait
Five-pillar map
Trend
60
Breadth
66
Persistence
28
Relative
66
Risk quality
75
What supports the view
- The index remains above a constructive Trend gate.
- Participation is broad enough to support the index move.
- Relative performance is improving within its parent hierarchy.
What restrains conviction
- Constituent persistence remains divided or predominantly negative.
- Activity Line energy is decelerating despite the positive Trend gate.
- Stage 4 declining constituents exceed Stage 2 advancing constituents by 34 percentage points.
- Positive contribution is concentrated in a small leadership cohort.
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.
The positive Trend gate remains, but fan energy or fast-line momentum is cooling.
State age1 weeks
Trend gateUp
Fan width3.24%
Fast versus slow change-0.35 pts
Above 50%
Below 0%
Six completed weeks of price acceptance relative to the full Activity Line fan.
Index persistence
75% agreement
Positive regime, horizons divided
The 52-week trend is positive, although not every measured horizon confirms it.
13-week
23.7%
26-week
3.2%
39-week
-1.3%
52-week
1.4%
Constituent trend persistence
25% coverage
Is the index move broadly durable?
33%positive
Coherent positive0%
Coherent negative33%
Average horizon agreement83%
Positive horizon share33%
Weakening positives0
Repairing negatives1
3 constituents measured as of 18 Sep 2026. Median trend age is 48 weeks.
Custom stage map
25% coverage
Where constituents sit in the cycle
67%Stage 4
Stage 1 · Basing0%0 securities
Stage 2 · Advancing33%1 securities
Stage 3 · Distribution0%0 securities
Stage 4 · Declining67%2 securities
Re-acceleration watch0
Transition watch1
Relative strength leaders33%
Fair Value repairs0
Measured as of 18 Sep 2026. Stages summarize price, Activity Line architecture, Fair Value position and relative evidence.
Architecture breadth
55/100 mean confidence
How market energy is distributed
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 ZA Market Structure
Relative index
13-week relative trend
Starting level
A rising relative line means this group is compounding faster than ZA Market Structure. A falling line means capital has done better in the parent benchmark.
Relative index113.7
13-week trend113.4
4-week trend change0.18%
Weekly peer rank3 of 10
1 week
1.3 pts
relative
4 weeks
2.1 pts
relative
13 weeks
2.0 pts
relative
26 weeks
4.6 pts
relative
52 weeks
-3.8 pts
relative
Market internals
Participation, dispersion and path risk
Equal-weight index evidence with constituent-level breadth and dispersion.
Breadth
Balanced
Participation quality
50%
advanced
- Advancing
- 6
- Declining
- 5
- Unchanged
- 1
Risk and persistence
52-week lens
Path quality
Annualised weekly volatility35.6%
Drawdown from 52-week high-4.2%
Positive weeks, last 1362%
Current directional run1 week
Turnover versus 13-week norm222%
Breadth impulse2.8 pts
Cross-section
12 measured
Return distribution
Q1 -3.1%
Median 0.2%
Q3 4.8%
Average winner6.8%
Average loser-4.1%
Dispersion6.8 pts
Top-five upside share99%
Top-five capital share89%
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.
2/2
positive
Above Trend Line1/250% of industries
Constructive breadth2/2At least half advancing
Median industry2.16%0.33 pts dispersion
News and narrative
Does company news confirm the market tape?
Sentiment evidence is still developing
Qualified company-level news coverage is not yet broad enough to influence the group view.
0 qualified records across 12 measured constituents.Leadership tape
Leaders, laggards and contribution shape
Latest completed week, ranked on uncapped constituent returns.
Constituent ledger
Sector constituents
All 12 measured constituents, ranked by latest weekly return.
Rank
Ticker
Company
Exchange
Market cap
Close
Index contribution
Return
The index uses capped equal-weight weekly constituent returns. The ledger shows uncapped security returns so outliers remain visible for research.