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 performance was positive across the board again this week, as 77% of our list closed higher with a median return of 0.65%.
- The biggest winner of the week was Lumber $LB, which gained 12.78% as it continues to rebound off a key level of support.
- Meanwhile, the week's worst performer was the Treasury Inflation-Protected Bond ETF $TIP, which fell by -1.05%.
- We saw strength among US Large-Cap indices again this week, with many finishing at all-time highs.
- Lumber $LB posted a bullish reversal week, while TIP posted a bearish reversal week
- Momentum regimes remain muted, with only about 53% in bullish territory.
- 68% of the assets on our macro list are within 5% of their 52-week highs, which is unchanged from last week.
- 55% of the assets on this list posted new 4-week highs, and 23% made fresh 52-week highs as we continue to see breadth expansion.
- 60% of the assets closed the week above their prior week's high.
International Universe:
- Strength continues to be seen across our international list 88% closed the week higher with a median return of 1.26%.
- The biggest winner of the week was Japan $EWJ, which gained 5.40%.
- Brazil $EWZ was the biggest loser, dropping -3.06%.
- 66% of the assets on our international list are within 5% of their 52-week highs.
- 82% of the assets on our list closed the week above last week's high.
- Nordic Region ETF $GXF posted a bullish reversal week.
- Momentum remains constructive from a structural perspective, as 69% of the ETFs on our list are still in bullish regimes.
- 17% are currently overbought.
- 71% of the ETFs posted new 4-week highs, and 40% registered fresh 13-week highs.
- These metrics are at their highest levels in months. Here's a look:
- We're still seeing evidence of broadening global participation as many metrics we follow have continued to improve in recent weeks.
US Sector Universe:
- Our sector universe performance was positive across the board again this week, as 64% of our list closed higher with a median return of 0.73%.
- The biggest winner of the week was Large-Cap Real Estate $XLRE, which gained 4.06%.
- Small-Cap Consumer Discretionary $PSCD was the biggest loser this week, dropping -2.72%.
- Once again we saw many Large-Cap sectors make new all-time highs, as leadership continues to be atop the cap scale.
- Momentum remains positive from a structural perspective, as 74% of the assets on our list are in bullish regimes.
- 81% of the assets on our sector list are within 5% of their 52-week highs.
- 53% of our list made new 4-week highs, while 30% made fresh all-time highs on the week.
- While leadership continues to be with Large-Caps, we're seeing more and more pockets of strength from SMIDs.
US Industry Universe:
- Our Industry universe performance was strong again this week, as 63% of our list closed higher with a median return of 1.17%.
- The week's biggest winner was Uranium $URA, which gained a massive 20.74%. See our Top 10 report for more on this group.
- This week's biggest laggard was Lithium & Battery Tech $LIT which posted a bearish reversal and fell by -3.05%.
- The percentage of our list in bullish momentum regimes saw little change again with a current reading of 63%.
- While the number is slowly moving higher, only 41% of the assets on our sector list are within 5% of their 52-week highs.
- 50% of our list made new 4-week highs, and 20% made new 52-week highs.
That's it for this week's highlights!
