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 in the red as 74% of our list closed lower with a median return of -0.98%.
- The Volatility index $VIX was a massive winner again, closing out the week with more than a 15% gain.
- The biggest loser was US 10-Year Yield $TNX, with a weekly loss of -5.84%
- There was a 6% drop in the percentage of assets on our list within 5% of their 52-week highs – currently at 45%.
- 17% of our sector list made fresh 4-week lows, 13% made new 13-week lows, and 9% made new 52-week lows.
- Meanwhile, only 9% of our list made new 4-week highs.
- The median asset in our macro universe is 6.4% below its 52-week highs (4.5 % last week).
- Only 9% of our macro universe closed higher than their prior week's high.
- Only 40% of our list is in a bullish momentum regime (2% gain from last week).
- Gold $GC posted a bullish reversal week.
- Emerging Bonds (in USD) $EMB posted a bearish reversal week.
International Universe:
- Our International Equities universe was negative this week as 78% of our list closed lower with a median return of -2.82%.
- 56% of our international universe closed lower than their prior week's low.
- Saudi Arabia $KSA was the leader this week with a 2.59% gain.
- Turkey $TUR was the biggest loser this week, dropping -13.98% to new all-time lows.
- There was a 15% drop in the percentage of assets on our list within 5% of their 52-week highs – currently at 16%.
- The median asset in our international universe is 11.7% below its 52-week high (8.4% last week).
- 22% of our list is in a bullish momentum regime (no change from last week).
- 44% of our sector list made fresh 4-week lows, 39% made new 13-week lows, and 22% made new 52-week lows.
- Mexico $EWW posted a bullish reversal week.
- Turkey $TUR posted a bearish reversal week.
US Sector Universe:
- Our sector universe had a negative week as 70% of our list closed lower with a median return of -1.62%.
- Large Cap Health Care $XLV was the big winner, closing with a 2.48% gain.
- The week's biggest loser was Small Cap Energy $PSCE which dropped by -9.14%.
- 26% of our sector list made fresh 4-week lows, 9% made new 13-week lows, and 2% made new 52-week lows.
- Meanwhile, 19% of our sector list made fresh 4-week highs, 17% made new 13-week highs, and 11% made new 52-week highs.
- The percentage of assets on our list within 5% of their 52-week highs went down from 60% to 47%.
- 32% of our sector universe closed lower than their prior week's low.
- 60% of our list is in a bullish momentum regime (7% gain from last week).
US Industry Universe:
- Our Industry universe had another rough week, with 78% closing lower with a median return of -2.40%.
- This week's biggest winner was Biotech $XBI which gained 5.19%.
- This week's biggest loser was Oil & Gas Exploration & Production $XOP which dropped -7.83%.
- 38% of our sector list made fresh 4-week low, 13% made new 13-week lows, and 4% made new 52-week lows.
- Meanwhile, only 9% of industry groups made fresh 4-week highs.
- The percentage of our list in bullish momentum regimes had no change this week and has a current reading of 51%.
- 13% of the assets on our industry list are within 5% of their 52-week highs (14% drop from last week).
- The median asset in our industry universe is 12.8% below its 52-week highs (9.8% last week).
- 33% of our industry universe closed lower than last week's low.
- That's it for this week's highlights!
