Key Momentum Shifts

  • Financials and Consumer Staples Lead: Financials (XFJ) and Consumer Staples (XSJ) remain in the Leading quadrant.
  • Consumer Staples Maintains Strength: XSJ gained 0.88% and remains firmly positioned among the strongest sectors.
  • Four Sectors Are Improving: Consumer Discretionary (XDJ), Real Estate (XPJ), Industrials (XNJ) and Communication Services (XTJ) remain in Improving.
  • Resource Sectors Remain Weak: Energy (XEJ), Resources (XJR) and Materials (XMJ) remain in Weakening.
  • Health Care Shows a Divergence: XHJ gained 1.50%, the strongest daily performance, but remains in Weakening.
  • Technology Remains Lagging: Information Technology (XIJ) is the only sector in Lagging.

The latest Relative Rotation Graph for 15 September 2026 shows continued divergence across ASX sectors. Financials and Consumer Staples occupy the Leading quadrant, while Consumer Discretionary, Real Estate, Industrials and Communication Services are positioned in Improving. Energy, Utilities, Resources, Materials and Health Care remain in Weakening, while Information Technology is the only sector in Lagging.

The daily performance data highlights an important distinction between short-term price action and broader relative momentum. Health Care gained 1.50%, while Financials declined 1.08%, yet Financials remains in Leading and Health Care remains in Weakening.

Momentum Breakdown by Quadrant

ASX Sector Relative Momentum Chart (at the closing price of 15/09/2026). Powered by: amibroker.com.

Leading Quadrant

Financials (XFJ) and Consumer Staples (XSJ) remain in the Leading quadrant, representing the strongest combination of relative strength and momentum among the twelve sectors.

Consumer Staples gained 0.88% on 15 September, recording the second-strongest daily performance. Its position in the upper-right area of the RRG reinforces its strong relative position.

Financials presents a contrasting picture. XFJ declined 1.08% during the session but remains in Leading. This demonstrates that the RRG captures a broader relative momentum cycle rather than simply reflecting the latest daily return.

Both sectors remain important areas of relative strength. Continued movement upward and to the right would provide stronger confirmation that their Leadership is being maintained.

Improving Quadrant

Consumer Discretionary (XDJ), Real Estate (XPJ), Industrials (XNJ) and Communication Services (XTJ) remain in Improving.

Consumer Discretionary gained 0.87%, making it the third-strongest sector during the session. Its position in Improving suggests that relative momentum remains constructive and could strengthen further if the sector continues moving toward Leading.

Real Estate declined 0.59% but remains in Improving, highlighting the difference between daily performance and the broader momentum cycle.

Industrials also remains in Improving despite declining 0.43%. Its position indicates relatively stronger momentum than sectors located in Weakening.

Communication Services gained 0.32% and remains relatively close to the centre of the RRG. Further movement upward and to the right would strengthen its improving signal.

Weakening Quadrant

Energy (XEJ), Utilities (XUJ), Resources (XJR), Materials (XMJ) and Health Care (XHJ) remain in Weakening.

Health Care is particularly notable. XHJ gained 1.50%, making it the strongest-performing sector on the day. However, its position in Weakening indicates that broader relative momentum remains under pressure.

This divergence demonstrates why RRG analysis should be considered alongside daily performance. A strong one-day gain does not necessarily signal an immediate improvement in longer-term relative momentum.

Resources and Materials remain among the weakest sectors. XJR declined 2.24%, while XMJ fell 2.21%, making them the two weakest-performing sectors during the session. Their positions well below the horizontal midpoint reinforce their weak relative momentum.

Energy also declined 1.62% and remains in Weakening, while Utilities fell only 0.12% but has yet to demonstrate a meaningful momentum improvement.

Lagging Quadrant

Information Technology (XIJ) remains the only sector in Lagging, reflecting weak relative strength and subdued momentum.

Interestingly, XIJ gained 0.29% on 15 September. However, this modest daily advance was insufficient to change its broader RRG classification.

A sustained movement toward the centre of the chart would be required before Technology's relative momentum could begin to improve meaningfully. A subsequent transition into Improving would provide stronger confirmation of a recovery.

Bottom Line

The 15 September 2026 ASX Relative Rotation Graph continues to show a clear separation between stronger and weaker sectors. Financials and Consumer Staples remain the only sectors in Leading, while Consumer Discretionary, Real Estate, Industrials and Communication Services occupy Improving.

Health Care's 1.50% daily gain contrasts with its position in Weakening, demonstrating that short-term strength has not yet translated into an improvement in broader relative momentum. Resources and Materials remain the clearest areas of weakness, while Information Technology continues to occupy the Lagging quadrant.

Overall, Financials and Consumer Staples remain the strongest momentum areas, while Consumer Discretionary and Communication Services are among the sectors showing improving relative momentum. Continued movement toward Leading would strengthen these signals, while a sustained recovery in Health Care, Resources, Materials and Technology would be needed for a broader improvement in ASX sector momentum.