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 green as 60% of our list closed higher with a median return of 0.44%.
- Lumber $LB was the winner, closing with a 3.34% gain.
- The biggest loser was Emerging Markets $EEM, with a weekly loss of -2.81%.
- There was a 9% gain in the percentage of assets on our list within 5% of their 52-week highs – currently at 26%.
- 21% of our macro list made fresh 4-week highs, 9% made new 13-week highs, and 4% made new 52-week highs.
- Meanwhile, 23% of our list made fresh 4-week lows, 17% made new 13-week lows, and 11% made new 52-week lows.
- The median asset in our macro universe is 7.7% below its 52-week highs (8.3% last week).
- 17% of our macro universe closed lower than their prior week's low.
- Meanwhile, only 11% of our list closed higher than their prior week's high.
- 74% of our list is in a bearish momentum regime (No change from last week).
- Dow Jones Utility Average $DJU, High Dividend $HDV & High Yield Corporate Bonds $HYG all posted bullish reversal weeks.
International Universe:
- Our International Equities universe was negative again this week as 73% of our list closed lower with a median return of -0.58%.
- Argentina $ARGT was the leader with a 5.64% gain.
- Russia $RSX was the biggest loser, dropping a massive -32.23%.
- 39% of our international universe closed lower than their prior week's low.
- There was a 2% drop in the percentage of assets on our list within 5% of their 52-week highs – currently at 17%.
- The median asset in our international universe is 11.2% below its 52-week high (11.1% last week).
- 80% of our list is in a bearish momentum regime (a 5% gain from last week).
- 16% of our international list made fresh 4-week highs, 8% made new 13-week highs, and 0% made new 52-week highs.
- Meanwhile, 38% of our international list made fresh 4-week lows, 28% made new 13-week lows, and 11% made new 52-week lows.
- Argentina $ARGT & Indonesia $EIDO both posted bullish reversal weeks.
US Sector Universe:
- Our sector universe had a positive week as 77% of our list closed higher with a median return of 0.99%.
- Small Cap Health Care $PSCH was the winner this week, closing with a 4.17% gain.
- The biggest loser was Large Cap Consumer Discretionary $XLY, with a weekly loss of -2.12%.
- 40% of our sector list made fresh 4-week highs, and 2% made new 13-week lows.
- Meanwhile, only 2% of our list made fresh 4-week lows.
- There was a 6% gain in the percentage of assets on our list within 5% of their 52-week highs – currently at 23%.
- 17% of our sector universe closed higher than their prior week's high.
- 79% of our list is in a bearish momentum regime (no change from last week).
- Equal Weight Health Care $RYH, Equal Weight Consumer Staples $RHS, Equal Weight Real Estate $EWRE, Large Cap Health Care $XLV, Large Cap Utilities $XLU, Large Cap Real Estate $XLRE, Mid Cap Materials, and Mid Cap Utilities all posted bullish reversal weeks.
US Industry Universe:
- Our Industry universe was up this week, with 64% closing higher with a median return of 1.00%.
- This week's biggest winner again was Uranium $URA which gained 8.97%.
- This week's biggest loser was Global Jets $JETS, dropping -2.66%.
- 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 13.9% below its 52-week highs (15.6% last week).
- 18% of our industry universe closed higher than last week's high.
- 24% of our industry list made fresh 4-week highs, 7% made new 13-week highs, and 2% made new 52-week highs.
- Meanwhile, 11% of our list made fresh 4-week lows.
- Copper Miners $COPX, Global Wind Energy $FAN, Medical Devices $IHI, Aerospace & Defense $ITA, Steel $SLX, Solar $TAN, and Uranium $URA all posted bullish reversal weeks.
That's it for this week's highlights!
