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:
- Our macro universe was red this week as 68% of our list closed lower with a median return of -0.71%.
- The US 10-Year Yield $TNX was the winner, gaining about 26bps on the week.
- The biggest loser was Russell 1000 Growth $IWF, with a weekly loss of -4.84%.
- There was a 4% drop in the percentage of assets on our list within 5% of their 52-week highs – currently at 51%.
- 21% of our macro list made fresh 4-week highs, 13% made new 13-week highs, and 11% made new 52-week highs.
- Meanwhile, 28% of our macro list made fresh 4-week lows, 13% made new 13-week lows, and 11% made new 52-week lows.
- The median asset in our macro universe is 4.8% below its 52-week highs (3.7% last week).
- 45% of our macro universe closed lower than their prior week's low.
- 43% of our list is in a bullish momentum regime (no change from last week).
- S&P 500 $SPY, Russell 3000 $IWV, Russell 1000 $IWB, Russell 2000 $IWM, Micro Caps $IWC, and the S&P Global 100 $IOO all posted bearish reversal weeks.
International Universe:
- Our International Equities universe was mixed this week as 58% of our list closed higher with a median return of 0.23%.
- 30% of our international universe closed higher than their prior week's high.
- This week, Turkey $TUR was the leader with a massive 7.10% gain.
- Argentina $ARGT was the biggest loser this week, dropping -6.62%.
- There was a slight gain in the percentage of assets on our list within 5% of their 52-week highs – currently at 31%.
- The median asset in our international universe is 8.6% below its 52-week high (8.9% last week).
- 22% of our list is in a bullish momentum regime (no change from last week).
- 33% of our list made fresh 4-week highs.
- Meanwhile, 13% of our list made new 4-week lows.
- All Country World Index $ACWI, New Zealand $ENZL, Australia $EWA, Sweden $EWD, Japan $EWJ, Netherlands $EWN, Pacific $IPAC, Portugal $PGAL, and Russia RSX all posted bearish reversal weeks.
- Meanwhile, Indonesia $EIDO, Hong Kong $EWH, and Qatar $QAT posted bullish reversal weeks.
US Sector Universe:
- Our sector universe had a negative week as 70% of our list closed lower with a median return of -1.45%.
- Equal Weight Energy $RYE was the big winner, closing with an 11.20% gain.
- The week's biggest loser was Mid Cap Health Care which dropped by -8.06%.
- 28% of our sector list made fresh 4-week highs, 15% made new 13-week highs, and 15% made new 52-week highs.
- Meanwhile, 19% of our sector list made fresh 4-week lows, 6% made new 13-week lows, and 6% made new 52-week lows.
- The percentage of assets on our list within 5% of their 52-week highs went down from 79% to 60%.
- 43% of our sector universe closed lower than their prior week's low.
- 64% of our list is in a bullish momentum regime (no change from last week).
- Equal Weight Consumer Discretionary $RCD, Large Cap Consumer Discretionary $XLY, Mid Cap Industrials, Mid Cap Cyclicals, Mid Cap Tech, Mid Cap Telco, Small Cap Utilities $PSCU, Small Cap Tech $PSCT, Small Cap Industrials $PSCI and Small Cap Consumer Discretionary $PSCD all posted bearish reversal weeks.
US Industry Universe:
- Our Industry universe was down this week also as 56% closed lower with a median return of -1.54%.
- This week's biggest winner was Oil Services $OIH which gained 14.63%.
- The energy and financial subsectors were very strong on the week.
- This week's biggest loser was Home Construction $ITB, which dropped -9.25%.
- The percentage of our list in bullish momentum regimes had a 2% drop this week and has a current reading of 49%.
- 22% of the assets on our industry list are within 5% of their 52-week highs (a 2% drop from last week).
- The median asset in our industry universe is 10.9% below its 52-week highs (11.1% last week).
- 49% of our industry universe closed lower than last week's low.
- 36% of our industry list made fresh 4-week highs.
- Meanwhile, 38% of our list made new 4-week lows.
- Gaming $BJK, Global Wind Energy $FAN, Lithium & Battery Tech $LIT, Agribusiness $MOO, Semiconductors $SOXX, Solar $TAN, and Retail $XRT all posted bearish reversal weeks.
- Meanwhile, Copper Miners $COPX posted a bullish reversals week.
That's it for this week's highlights!
