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 as 64% of our list closed lower with a median return of -0.33%.
- US 10-Year Yield $TNX was the winner this week, closing about 4bps higher at 1.78%.
- The biggest loser was Lumber $LB, with a weekly loss of -10.39%.
- There was a 4% gain in the percentage of assets on our list within 5% of their 52-week highs – currently at 30%.
- 53% of our macro list made fresh 4-week lows, 34% made new 13-week lows, and 21% made new 52-week lows.
- The median asset in our macro universe is 7.7% below its 52-week highs (7.1% last week).
- 49% of our macro universe closed lower than their prior week's low.
- Meanwhile, only 6% of our list closed higher than their prior week's high.
- 26% of our list is in a bullish momentum regime (4% drop from last week).
- Gold $GC, Japanese Yen $JPYUSD, and the US 2-Year Note $TU all posted bearish reversal weeks.
International Universe:
- Our International Equities universe was negative this week as 78% of our list closed lower with a median return of -2.05%.
- 70% of our international universe closed lower than their prior week's low.
- This week, Brazil $EWZ was the leader with a massive 4.11% gain.
- New Zealand $ENZL was again the biggest loser this week, dropping -5.99%.
- There was a 2% gain in the percentage of assets on our list within 5% of their 52-week highs – currently at 9%.
- The median asset in our international universe is 12.7% below its 52-week high (10.7% last week).
- 17% of our list is in a bullish momentum regime (6% drop from last week).
- 67% of our international list made fresh 4-week lows, 45% made new 13-week lows, and 20% made new 52-week lows.
- UAE $UAE posted a bullish reversal week.
US Sector Universe:
- Our sector universe had a negative week as 64% of our list closed lower with a median return of -0.38%.
- This week, Equal Weight Energy $RYE was the winner, closing with a 6.18% gain.
- The biggest loser was Small Cap Materials $PSCM, with a weekly loss of -3.36%.
- 64% of our sector list made fresh 4-week lows, 55% made new 13-week lows, and 13% made new 52-week lows.
- There was no change in the percentage of assets on our list within 5% of their 52-week highs – currently at 13%.
- 57% of our sector universe closed lower than their prior week's low.
- 23% of our list is in a bullish momentum regime (13% drop from last week).
- Large Cap Energy $XLE posted a bullish reversal week.
US Industry Universe:
- Our Industry universe was down this week, with 69% closing lower with a median return of -0.98%.
- This week's biggest winner again was Natural Gas $FCG which gained 6.94%.
- This week's biggest loser was Gold Miners $GDX, which dropped -7.42%.
- The percentage of our list in bullish momentum regimes had a 9% drop this week and has a current reading of 31%.
- 9% of the assets on our industry list are within 5% of their 52-week highs (a 2% gain from last week).
- The median asset in our industry universe is 17.1% below its 52-week highs (15.4% last week).
- 67% of our industry universe closed lower than last week's low.
- 60% of our industry list made fresh 4-week lows, 44% made new 13-week lows, and 20% made new 52-week lows.
That's it for this week's highlights!
