From the desk of Steve Strazza @Sstrazza
Check out this week's Momentum Report, our weekly summation of all the major indexes at a Macro, International, Sector, and Industry Group level.
By analyzing the short-term data in these reports, we get a more tactical view of the current state of markets. We can then put these near-term developments into the context of the big picture and glean insights into the structural trends at play.
Let's jump right into it with some of the major takeaways from this week's report:
* ASC Plus Members can access the Momentum Report by clicking the link at the bottom of this post.
Macro Universe:
- Procyclical Commodities led again this week.
- Copper was up over 6.41% and closed the week at fresh all-time highs.
- Lumber had another monster week, gaining over 12% but is at an extreme daily momentum reading of 91.
- The biggest loser of the week was the Volatility index falling over 10%
- New highs continue to be the theme across all timeframes, particularly from assets like Stocks and Commodities.
- We saw multiple Bullish reversal weeks among Global ETF’s
- The US dollar posted a Bearish reversal week and is in a bearish momentum regime with a current reading of 35.
- 74% of the assets on our macro list are within 5% of their 52-week highs, 36% made new 52-week highs over the week.
- 74% of the assets on our macro list are in bullish momentum regimes, 21% are within extreme ranges.
International ETF Universe:
- Global Equities had a fantastic week as 93% of our list closed higher with a median return of 2.48%.
- 40% of our International ETF universe posted a Bullish Reversal week.
- 64% of the International ETF’s closed higher than last week’s high.
- Brazil $EWZ was this week’s big winner with a 6.89% gain.
- 75% of the assets on our macro list are within 5% of their 52-week highs, 51% made new 52-week highs over the week.
- Momentum regimes continue to look positive from a structural perspective, as 85% of the ETFs on our list are bullish.
US Sector Universe:
- The biggest winner of the week was Small-Cap Energy $PSCE which gained a massive 13.73%
- Technology across all market caps closed the week lower than their last week’s low.
- New highs continue to be across all timeframes, particularly from Large and mid-cap.
- 89% of the assets on our macro list are within 5% of their 52-week highs, 47% made new 52-week highs over the week.
- The outlook remains strong from a structural perspective as every Sector Index on our list is in a bullish momentum regime.
- 20% are in extreme momentum readings.
US Industry ETF Universe:
- The biggest winner of the week was Oil Services $OIH which gained a massive 18.98%
- Overall, it was another mixed week for US industries as just over half of our universe closed higher, however, the median return was 2.18%.
- 36% of industry groups made fresh 52-week highs this week.
- We had 7 bullish reversal this week.
- New highs continue to outnumber new lows across all timeframes significantly.
- Momentum regimes continue to look good from a structural perspective, as 91% of the industry ETFs on our list are bullish, and 29% are at extreme readings.
That’s it for this week’s highlights!
Thanks for reading and please let us know if you have any questions!
Allstarcharts Team
