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 returned with strength this week as over 79% of our list closed higher with a median return of 1.97%.
- Many US stock market indexes made new all-time highs, including the S&P 500 $SPY and Nasdaq 100 $QQQ.
- 72% of the assets on our macro list are within 5% of their 52-week highs, and 23% made new 52-week highs during the week.
- Frontier Markets $FM posted a bullish reversal.
- 68% of the assets on our macro list are in bullish momentum regimes with 6% currently at extreme readings.
- The median asset on our list is 2.1% away from 52-week highs. Not bad...
- International ETF Universe:
- International equities also had a strong week as over 91% of our list closed in positive territory with a median return of 1.86%.
- Poland $EPOL was this week’s big winner with a 4.87% gain.
- Thailand $THD was this week’s big loser dropping -2.07%.
- 75% of the assets on our international list are within 5% of their 52-week highs.
- 7% made new all-time highs this week.
- Momentum remains favorable from a structural perspective as 85% of the ETFs on our list are in bullish regimes.
- US Sector Universe:
- The biggest gainer this week was Small-Cap Energy $PSCE which posted a whopping 9.47% return.
- The only sector index/ETF which was lower on the week was Large-Cap Utilities $XLU which dropped a measly -0.19%.
- New highs are back and present across all timeframes with about 20% of our list making new all-time highs.
- RYT, RYH, XLV & XLC all posted bullish reversal weeks.
- The outlook remains strong from a structural perspective as 85% of our list is in a bullish momentum regime with a median RSI reading of 55.
- 87% of the assets on our sector list are within 5% of their 52-week highs.
- 21% of our list made a new 52-week high this week.
- US Industry Universe:
- The biggest winner of the week was Natural Gas $FCG which gained 10.45%.
- Internet $FDN and Software $IGV both broke to fresh all-time highs this week, supporting the strength we're seeing from growth and technology more broadly.
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- As 98% of our list was higher, the only loser of the week was the Global Jets ETF $JETS which dropped -0.67%.
- The median return for our US Industry universe was 3.54% this week.
- 40% of industry groups made fresh 21-day highs this week.
- 38% of our universe closed the week out above last week’s high.
- The median percent away from 52-week highs reading has dropped back to 3.9%.
- PBS posted a bullish reversal this week.
- Momentum regimes continue to look good from a structural perspective as 82% of the industry ETFs on our list are in bullish range.
- 11% of the ETFs in our universe are currently trading at overbought extremes.
That’s it for this week’s highlights!
Thanks for reading and please let us know if you have any questions!
Allstarcharts Team
