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. This information then helps us put near-term developments into the context of the big picture and provides insights regarding 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:
- Our Macro Universe continued its strength this week as over 77% of our list closed higher with a median return of 0.50%.
- Crude Oil was the strongest, closing out the week with a 5% gain as it trades at its highest level in several years.
- The biggest loser of the week was Copper losing over 3%.
- New highs are rising across all timeframes, particularly from global risk assets.
- Diversified World Indexes $IOO and $VEU made fresh all-time highs this week.
- 77% of the assets on our macro list are within 5% of their 52-week highs
- A solid 19% made new 52-week highs over the week and 43% made new 21-day highs.
- $SPY, $IWB, $SPHQ & $IOO all posted a Bullish reversal week. We'll be watching closely this week for follow-through.
- 81% of the assets on our macro list are in bullish momentum regimes.
International ETF Universe:
- International Equities had another positive week as over 82% of our list closed the week in the green with a median return of 1.42%.
- 75% of our International ETF’s closed above last week’s high.
- Brazil $EWZ was this week’s big winner with a 7% gain.
- Portugal $PGAL was this week’s big loser dropping -3.5%
- We continue to see participation broaden as 78% of the assets on our international list are within 5% of their 52-week highs and 73% made new 21-day highs on the week.
- 85% of the ETFs on our list remain in bullish momentum regimes.
US Sectors Universe:
- The biggest winner of the week was Small-Cap Energy which gained 12.46%.
- The loser of the week was Mid-Cap Telco which dropped 1.67%.
- Mid and Small-Cap Technology still remain in a bearish regime.
- New highs continue to expand to be across all timeframes, particularly from Large and Small-Caps, as they try to emerge after months of trendlessness.
- RTY, SPY, XLP & XLK all posted a Bullish reversal week.
- 85% of the assets on our sector list are within 5% of their 52-week highs.
- Currently 38% of our list is at 52-week highs and more than a quarter of sectors are at all-time highs.
- The outlook still remains strong from a structural perspective as 96% of our list are in a bullish momentum regime with a median RSI reading of 58.
US Industry ETF Universe:
- The biggest winner of the week was Oil Services $OIH which gained 14.92%
- The biggest loser of the week was Solar $TAN which dropped -2.87%
- Overall it was a solid week with 73% of our universe higher with a median return of 0.66%.
- 62% of industry groups made fresh 21-Day highs this week.
- 47% of our universe closed the week out higher than last week’s high.
- The median percent away from 52-week high reading climbed to 8% for our industry groups this week.
- FAN & TAN posted bearish reversals this week.
- 22% of the list currently have an RSI reading in an extreme bullish range.
That’s it for this week’s highlights!
Thanks for reading and please let us know if you have any questions!
Allstarcharts Team
