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 flat this week as only 57% of our list closed higher with a median return of 0.20%.
- Nasdaq 100 $QQQ was this week’s biggest winner with a 2.63% gain.
- 10-Year Yield $TNX was this week’s biggest loser dropping -6.84%.
- Silver $SI was the only asset to post a bullish reversal.
- Despite the recent weakness, we saw the main US indices finishing the week at all-time highs.
- 72% of the assets on our macro list are within 5% of their 52-week highs, 36% made new 4-week highs over the week, and 28% made new 52-week highs.
- 68% of the assets on our macro list are in bullish momentum regimes, with 19% at extreme readings.
International ETF Universe:
- On the international equities front, we saw signs of weakness as 76% of our list closed in negative territory with a median return of -0.76%.
- Although, 84% of the assets on our international list are still in a bullish regime.
- Vietnam $VNM bucked the overall trend this week with a 1.90% gain.
- While China Large-Cap $FXI was this week’s big loser dropping -3.44%.
- We continue to see weakening participation as 67% of the assets on our international list are within 5% of their 52-week highs, with 18% making new 21-day lows on the week.
US Sectors Universe:
- US Sectors had a mixed week with only 45% of our list closing in positive territory and a median return of -0.28%.
- The biggest winner of the week was large-cap Technology $XLK which gained 3.19%.
- Small-Cap Energy $PSCE was the week's biggest loser dropping -3.25%.
- Momentum regimes remain positive from a structural perspective, as 85% of the assets on our list are bullish.
- 11% of our universe are currently trading at overbought extremes.
- There were NO new lows across the board this week.
- 83% of the assets on our sector list are within 5% of their 52-week highs, with the median return just 3.1% away from these highs.
US Industry ETF Universe:
- Our US Industry universe was flat this week as only 47% of our list closed higher with a flat median return.
- Solar $TAN bucked the overall trend this week with a 3.05% gain.
- Regional Banks $KRE was this week’s big loser dropping -3.42%.
- Momentum regimes remain positive from a structural perspective, as 84% of the assets on our list are in bullish regimes with 11% in overbought territory.
- 60% of the assets on our list are within 5% of their 52-week highs
- New highs are expanding across all timeframes.
That’s it for this week’s highlights!
Thanks for reading and please let us know if you have any questions!
Allstarcharts Team
