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 red as 66% of our list closed lower with a median return of -2.22%.
- The Volatility Index $VIX was the winner this week, closing with a massive 50.34% gain.
- The biggest loser was High Beta $SPHB, with a weekly loss of -8.87%.
- There was a 29% drop in the percentage of assets on our list within 5% of their 52-week highs – currently at 26%.
- 51% of our macro list made fresh 4-week lows, 38% made new 13-week lows, and 9% made new 52-week lows.
- The median asset in our macro universe is 7.1% below its 52-week highs (4.6% last week).
- 53% of our macro universe closed lower than their prior week's low.
- Only 11% of our list closed higher than their prior week's high.
- 30% of our list is in a bullish momentum regime (15% drop from last week).
- Lumber $LB posted a bearish reversal week.
International Universe:
- This week, our International Equities universe was negative as 81% of our list closed lower with a median return of -3.16%.
- 61% of our international universe closed lower than their prior week's low.
- This week, Chile $ECH was the leader with a massive 6.75% gain.
- Russia $RSX was again the biggest loser this week, dropping -7.48%.
- There was a 27% drop in the percentage of assets on our list within 5% of their 52-week highs – currently at 11%.
- The median asset in our international universe is 10.7% below its 52-week high (8.1% last week).
- 23% of our list is in a bullish momentum regime (4% drop from last week).
- 17% of our sector list made fresh 4-week highs.
- Meanwhile, 53% of our list made new 4-week lows.
- Canada $EWC posted a bearish reversal week.
US Sector Universe:
- Our sector universe had an awful week as 100% of our list closed lower with a median return of -5.68%.
- The week's biggest loser was Small Cap Energy $PSCE, which dropped by -12.08%.
- 85% of our sector list made fresh 4-week lows, 62% made new 13-week lows, and 11% made new 52-week lows.
- The percentage of assets on our list within 5% of their 52-week highs fell from 55% to 13%.
- 89% of our sector universe closed lower than their prior week's low.
- 36% of our list is in a bullish momentum regime (28% drop from last week).
- Small Cap Energy $PSCE posted a bearish reversal week.
US Industry Universe:
- Our Industry universe was down big this week as 98% closed lower with a median return of -6.21%.
- This week's biggest (and only) winner was Gold Miners $GDX which gained 2.20%.
- This week's biggest loser was Semiconductors $SOXX, which dropped -11.68%.
- The percentage of our list in bullish momentum regimes had a 13% drop this week and has a current reading of 40%.
- 7% of the assets on our industry list are within 5% of their 52-week highs (a 24% drop from last week).
- The median asset in our industry universe is 15.4% below its 52-week highs (9.2% last week).
- 87% of our industry universe closed lower than last week's low.
- 73% of our industry list made fresh 4-week lows, 53% made new 13-week lows, and 22% made new 52-week lows.
- Global Wind Energy $FAN, Natural Gas $FCG, Community Banks $QABA, and Oil & Gas Exploration & Production $XOP all posted bearish reversal weeks.
That's it for this week's highlights!
