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 was mixed this week as only 51% of our list closed higher with a median return of 0.05%.
- Small-Caps was the strongest, closing out the week with a 1.89% gain and a fresh 4-week high.
- The biggest loser of the week was the Lumber losing a massive 17%
- US indices like the S&P 500, Russell 3000 & Russell 1000 closed the week out at fresh all-time highs.
- 81% of the assets on our macro list are within 5% of their 52-week highs, 17% made new 52-week highs over the week, and 47% made 4-week highs.
- DJU & AGG both posted bullish reversal weeks.
- 79% of the assets on our macro list are in bullish momentum regimes.
- The median RSI reading for the list is 58, with 0% at extreme readings.
International ETF Universe:
- International Equities had a weaker week as only 27% of our list closed in positive territory with a negative median return of 0.89%.
- Turkey $TUR bucked the trend this week with a 2.62% gain.
- Peru $EPU was this week’s big loser dropping a massive 11%.
- We saw multiple bearish reversals this week in EFNL, EWD, EWG & EWO.
- Although, 80% of the assets on our international list are still within 5% of their 52-week highs.
- Momentum regimes remain positive from a structural perspective, as 87% of the ETFs on our list are bullish.
US Sectors Universe:
- The biggest winner of the week was Small-Cap Real Estate which gained 4.59%.
- The biggest loser of the week was Large-Cap Financials which dropped 2.37%.
- While Mid and Small-Cap Technology remain in a bearish regime, they did post fresh 4-week highs.
- New highs continue to be seen to be across all timeframes and market caps.
- US Sector Equities had a positive week with 67% of our list closed in positive territory with a positive median return of 0.78%.
- A massive 96% of the assets on our sector list are within 5% of their 52-week highs, with a median of 0.9% away from these highs.
- Currently, 32% of our list are at 52-week highs, and 21% are at all-time highs.
- The outlook remains strong from a structural perspective as 96% of our list are in a bullish momentum regime with a median RSI reading of 58.
- 15% of the US sectors are within extreme RSI readings
US Industry ETF Universe:
- The biggest winner of the week was Biotech $XBI which gained 7.16%
- The biggest loser of the week was Oil Services $OIH which dropped 3.8%
- US industries continued their upward movement from last week, with 60% of our universe closing higher with a median return of 0.73%.
- 56% of industry groups made fresh 4-week highs, with 20% closing the week out at 52-week highs.
- QABA posted a bearish reversal this week.
- Momentum regimes look good from a structural perspective, as 87% of the industry ETFs on our list are bullish with a median RSI reading of 59.
- 20% of this list are within extreme RSI readings.
That’s it for this week’s highlights!
Thanks for reading and please let us know if you have any questions!
Allstarcharts Team
