[PLUS] Weekly Momentum Report & Takeaways

November 15, 2021

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 big picture context 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:

This week, our macro universe was negative as 68% of our list closed lower with a median return of -0.38%.
US 10-Year Yield $TNX was the big winner, closing out the week with more than an 8% gain.
The biggest loser was Lumber $LB, with a weekly loss of -12.18%
There was no change in the percentage of assets on our list within 5% of their 52-week highs – currently at 70%.
15% made new 4-week lows.
Meanwhile, 21%% of our list made new 4-week highs.
The median asset in our macro universe is 1.6% below its 52-week highs.
Only 6% of our macro universe closed lower than their prior week's low.
The outlook remains stable from a structural perspective as 62% of our list is in a bullish momentum regime (no change from last week).
All World ex-US $VEU posted a bullish reversal week.
Meanwhile, Lumber $LB posted a bearish reversal week.

International Universe:

This week, our International Equities universe was flat as 51% of our list closed higher with a median return of 0.05%.
35% of our international universe closed above their prior week's highs.
China h-shares $FXI was the leader this week with a 5.29% gain.
Pakistan $PAK was the biggest loser this week, dropping -7.10%.
The percentage of assets within 5% of their 52-week highs dropped by 2% and is now at 52%.
The median asset in our international universe is 4.6% below its 52-week high.
The outlook remains stable from a structural perspective as 62% of our list is in a bullish momentum regime (no change from last week).
29% of the universe posted new 4-week highs, and 20% posted new 4-week lows.
Australia $EWA and Russia $RSX both posted bearish reversal weeks.

US Sector Universe:

Our sector universe had a negative week as 60% of our list closed lower with a median return of -0.27%.
Equal Weight Materials $RTM was the big winner, closing with a 2.60% gain.
The biggest loser of the week was Large Cap Consumer Discretionary $XLY which dropped by -3.54%.
32% made fresh 4-week highs, 30% made new 13-week highs, and 23% made new 52-week highs.
Only one index on our list made a 4-week low, which was Mid-Cap Communications.
The percentage of assets on our list within 5% of their 52-week highs went up from 77% to 87%.
Only 17% of our sector universe closed higher than their prior week's high.
The outlook remains stable from a structural perspective as 83% of our list is in a bullish momentum regime (6% gain from last week).

US Industry Universe:

Our Industry universe was flat this week, with 51% closing lower with a median return of -0.14%.
This week's biggest winner was Gold Miners $GDX +6.17%.
The biggest loser this week was Global Jets $JET which dropped -4.95%.
36% made fresh 4-week highs, 33% made new 13-week highs, and 27% made fresh 52-week highs.
Only 11% made fresh 4-week lows.
The percentage of our list in bullish momentum regimes had a 2% gain this week and has a current reading of 78%.
62% of the assets on our list are within 5% of their 52-week highs (7% drop from last week).
The median asset in our industry universe is 2.7% below its 52-week highs.
Only 9% of our industry universe closed lower than last week's low.
Copper Miners $COPX posted a bullish reversal week.
Meanwhile, Oil Refiners $CRAK and Oil Services $OIH both posted bearish reversal weeks.