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 slightly red as 57% of our list closed lower with a median return of -0.29%.
- The Volatility Index $VIX was the winner, closing with a 17.83% gain.
- The biggest loser was Nasdaq 100 $QQQ, with a weekly loss of -3.06%.
- There was a 7% drop in the percentage of assets on our list within 5% of their 52-week highs – currently at 21%.
- 13% of our macro list made fresh 4-week highs, 9% made new 13-week highs, and 6% made new 52-week highs.
- Meanwhile, 26% of our list made fresh 4-week lows, 21% made new 13-week lows, and 13% made new 52-week lows.
- The median asset in our macro universe is 7.7% below its 52-week highs (6.7% last week).
- 23% of our macro universe closed lower than their prior week's low.
- Meanwhile, only 15% of our list closed higher than their prior week's high.
- 77% of our list is in a bearish momentum regime (3% increase from last week).
International Universe:
- Our International Equities universe was negative this week as 78% of our list closed lower with a median return of -0.28%.
- Chile $ECH was the leader with a 7.86% gain.
- Portugal $PGAL was the biggest loser, dropping -4.49%.
- Only 23% of our international universe closed above their prior week's high.
- There was a 5% gain in the percentage of assets on our list within 5% of their 52-week highs – currently at 22%.
- The median asset in our international universe is 9.8% below its 52-week high (10.8% last week).
- 78% of our list is in a bearish momentum regime (5% drop from last week).
- 22% of our international list made fresh 4-week highs, 13% made new 13-week highs, and 3% made new 52-week highs.
- Meanwhile, 11% of our list made fresh 4-week lows.
- Finland $EFNL, Philippines $EPHE, Sweden $EWD, Netherlands $EWN, Portugal $PGAL, and Russia $RSX all posted bearish reversal weeks.
US Sector Universe:
- Our sector universe had a positive week as 60% of our list closed higher with a median return of 0.28%.
- Mid Cap Staples was the winner this week, closing with a 4.28% gain.
- The biggest loser was Large Cap Technology $XLK, with a weekly loss of -2.95%.
- 19% of our sector list made fresh 4-week lows, 13% made new 13-week lows, and 2% made new 52-week lows.
- Meanwhile, just 9% of our list made fresh 4-week highs.
- There was a 2% gain in the percentage of assets on our list within 5% of their 52-week highs – currently at 23%.
- 21% of our sector universe closed higher than their prior week's high.
- 79% of our list is in a bearish momentum regime (2% increase from last week).
- Large Cap Technology $XLK posted a bearish reversal week.
US Industry Universe:
- Our Industry universe was up this week as 58% of the ETFs closed higher with a median return of 0.40%.
- This week's biggest winner was Metals and Mining $XME for the second straight week (9.35% gain).
- This week's biggest loser was Lithium & Battery Tech $LIT, which dropped -4.66%.
- The percentage of our list in bullish momentum regimes had no change this week and has a current reading of 31%.
- 18% 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 15.8% below its 52-week highs (15.5% last week).
- 33% of our industry universe closed higher than last week's high.
- 22% of our industry list made fresh 4-week highs, 18% made new 13-week highs, and 11% made new 52-week highs.
- Meanwhile, 13% of our list made fresh 4-week lows.
That's it for this week's highlights!
