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 this week as 72% of our list closed lower with a median return of -1.25%.
- US 10-Year Yield $TNX was the winner this week with a gain of about 30bps.
- The biggest loser was Dow Jones Transports $DJT, with a weekly loss of -6.71%.
- There was a 5% gain in the percentage of assets on our list within 5% of their 52-week highs – currently at 28%.
- 15% of our macro list made fresh 4-week highs, 13% made new 13-week highs, and 13% made new 52-week highs.
- Meanwhile, 28% of our list made fresh 4-week lows, 23% made new 13-week lows, and 19% made new 52-week lows.
- The median asset in our macro universe is 9.3% below its 52-week highs (7.3% last week).
- 13% of our macro universe closed higher than their prior week's high.
- Meanwhile, only 51% of our list closed lower than their prior week's low.
- 70% of our list is in a bearish momentum regime (no change from last week).
- Emerging Bonds in USD $EMB posted a bearish reversal week.
International Universe:
- Our International Equities universe was negative this week as 83% of our list closed lower with a median return of -1.75%.
- This week, Turkey $TUR was the leader with a 5.20% gain.
- Meanwhile, Poland $EPOL was the biggest loser, dropping a massive -5.52%.
- 41% 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 22%.
- The median asset in our international universe is 11.7% below its 52-week high (from 10.8% last week).
- 71% of our list is in a bearish momentum regime (a 2% drop from last week).
- 17% of our international list made fresh 4-week highs, 10% made new 13-week highs, and 5% made new 52-week highs.
- Meanwhile, only 8% of our international list made fresh 4-week lows.
- Asia $AIA, Chile $ECH, Philippines $EPHE, Peru $EPU, Canada $EWC, Singapore $EWS, Taiwan $EWT, Mexico $EWW and Vietnam $VNM all posted bearish reversal weeks.
US Sector Universe:
- Our sector universe was negative this week as 74% of our list closed lower with a median return of -1.96%.
- This week, Large Cap Health Care $XLV was the winner, closing with a 3.45% gain.
- The biggest loser was Small Cap Technology $PSCT, with a weekly loss of -6.30%.
- 26% of our sector list made fresh 4-week highs, 23% made new 13-week highs, and 19% made new 52-week highs.
- Meanwhile, 19% of our sector list made fresh 4-week lows.
- There was a 9% drop in the percentage of assets on our list within 5% of their 52-week highs – currently at 38%.
- 57% of our sector universe closed lower than their prior week's low.
- 68% of our list is in a bearish momentum regime (a 2% drop from last week).
- The median asset in our macro universe is 7.7% below its 52-week highs (6.4% last week).
- Equal Weight Health Care $RYH posted a bullish reversal week.
- Telecom $XTL, Large Cap Communication Services $XLC, and Small Cap Utilities $PSCU all posted bearish reversal weeks.
US Industry Universe:
- Our Industry universe was red this week as 71% closed lower with a median return of -2.81%.
- This week's biggest winner was Uranium $URA which gained a massive 5.49%.
- This week's biggest loser was Semiconductors $SOXX, dropping by -7.61%.
- The percentage of our list in bullish momentum regimes had a 2% gain this week and has a current reading of 36%.
- 31% of the assets on our industry list are within 5% of their 52-week highs (a 2% drop from last week).
- The median asset in our industry universe is 15.9% below its 52-week highs (13.4% last week).
- 49% of our industry universe closed lower than last week's low.
- 24% of our industry list made fresh 4-week highs, 20% made new 13-week highs, and 16% made new 52-week highs.
- Meanwhile, 18% of our industry list made fresh 4-week lows.
- Healthcare Providers $IHF posted a bullish reversal week.
- Internet $FDN, Cyber Security $HACK, Media $PBS, Social Media $SOCL, and Solar $TAN all posted bearish reversal weeks.
That's it for this week's highlights!
