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 green this week as 57% of our list closed higher with a median return of 0.42%.
- The US 10-Year Yield $TNX was this week's big winner, tacking on 36bps and closing just shy of 2.5%.
- The biggest loser was Lumber $LB, with a weekly loss of -14.96%.
- There was a 13% gain in the percentage of assets on our list within 5% of their 52-week highs – currently at 34%.
- 45% of our macro list made fresh 4-week highs, 13% made new 13-week highs, and 11% made new 52-week highs.
- Meanwhile, 19% of our list made fresh 4-week lows, 15% made new 13-week lows, and 13% made new 52-week lows.
- The median asset in our macro universe is 7.3% below its 52-week highs (6.2% last week).
- 51% of our macro universe closed higher than their prior week's high.
- Meanwhile, only 17% of our list closed lower than their prior week's low.
- 72% of our list is in a bearish momentum regime (no change from last week).
International Universe:
- Our International Equities universe was mixed as 51% of our list closed higher with a median return of 0.21%.
- Brazil $EWZ was the leader with an 8.77% gain.
- Egypt $EGPT was the biggest loser, dropping a massive -8.21%.
- 46% of our international universe closed higher than 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 12.1% below its 52-week high (12.6% last week).
- 75% of our list is in a bearish momentum regime (4% drop from last week).
- 38% of our international list made fresh 4-week highs, 27% made new 13-week highs, and 14% made new 52-week highs.
- Meanwhile, only 5% of our international list made fresh 4-week lows.
- Nigeria $NGE posted a bearish reversal week.
US Sector Universe:
- Our sector universe had a positive week as 68% of our list closed higher with a median return of 0.64%.
- Mid Cap Energy was the winner this week, closing with an 11.05% gain.
- The biggest loser was Small Cap Consumer Discretionary $PSCD, with a weekly loss of -6.30%.
- 60% of our sector list made fresh 4-week highs, 19% made new 13-week highs, and 17% made new 52-week highs.
- Meanwhile, 0% of our sector list made fresh 4-week lows.
- There was a 4% gain in the percentage of assets on our list within 5% of their 52-week highs – currently at 38%.
- 62% of our sector universe closed higher than their prior week's high.
- 74% of our list is in a bearish momentum regime (3% drop from last week).
- The median asset in our macro universe is 6% below its 52-week high (7% last week).
US Industry Universe:
- Our Industry universe was mostly green this week as 58% of ETFs closed higher with a median return of 0.81%.
- This week's biggest winner again was Natural Gas $FCG which gained a massive 11.46%.
- This week's biggest loser was Home Construction $ITB, dropping -9.97%.
- The percentage of our list in bullish momentum regimes had a 2% gain this week and has a current reading of 33%.
- 31% of the assets on our industry list are within 5% of their 52-week highs (a 7% gain from last week).
- The median asset in our industry universe is 12.7% below its 52-week highs (no change from last week).
- 56% of our industry universe closed higher than last week's high.
- 49% of our industry list made fresh 4-week highs, 31% made new 13-week highs, and 24% made new 52-week highs.
- Meanwhile, only 2% of our industry list made fresh 4-week lows.
That's it for this week's highlights!
