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 lower on the week as 85% of our list was negative with a median return of -2.01%.
- The Volatility Index $VIX was this week's winner, closing with a 24.27% gain.
- The biggest loser was Silver $SI, with a weekly loss of -5.61%.
- There was a 6% drop in the percentage of assets on our list within 5% of their 52-week highs – currently at 17%.
- Only 9% of our macro list made fresh 4-week highs.
- Meanwhile, 74% of our list made fresh 4-week lows, 34% made new 13-week lows, and 32% made new 52-week lows.
- The median asset in our macro universe is 11.5% below its 52-week highs (9.3% last week).
- 13% of our macro universe closed higher than their prior week's high.
- Meanwhile, 79% of our list closed lower than their prior week's low.
- 68% of our list is in a bearish momentum regime (no change from last week).
- Volatility Index $VIX posted a bullish reversal week.
- Dow Jones Industrials $DJI, Dow Jones Utilities $DJU, NASDAQ $COMPX, NASDAQ 100 $QQQ, S&P 500 $SPY, $IWV, Russell 1000 $IWB, S&P 400 $MDY, Russell 2000 $IWM, Micro Caps $IWC, Russell 1000 Value $IWD, Russell 1000 Growth $IWF, High Beta $SPHB, Low Volatility $SPLV, S&P 500 Value $VLUE, S&P 500 Quality $SPHQ, High Dividend $HDV, Global Dow $DGT, Global 100 $IOO, Developed Ex-US $EFA, Gold $GC, Silver $SI and Copper $HG all posted bearish reversal weeks.
International Universe:
- Our International Equities universe was negative again this week as 89% of our list closed lower with a median return of -2.51%.
- This week, Nigeria $NGE was the leader with a 6.64% gain.
- South Africa $EZA was the biggest loser, dropping -7.50%.
- 75% of our international universe closed lower than their prior week's low.
- There was a 9% drop in the percentage of assets on our list within 5% of their 52-week highs – currently at 8%.
- The median asset in our international universe is 14.8% below its 52-week high (12.8% last week).
- 75% of our list is in a bearish momentum regime (a 4% change from last week).
- Only 2% of our international list made fresh 4-week highs.
- Meanwhile, 75% of our list made fresh 4-week lows, 19% made new 13-week lows, and 16% made new 52-week lows.
- All Country World Index $ACWI, Chile $ECH, Denmark $EDEN, EAFE $EFA, Israel $EIS, Australia $EWA, Canada $EWC, Sweden $EWD, Italy $EWI, United Kingdom $EWU, Colombia $GXG, Global 100 $IOO, S&P 500 $SPY, Developed Markets $VEA and Europe $VGK all posted bearish reversal weeks.
US Sector Universe:
- Our sector universe was negative this week as 87% of our list closed lower with a median return of 1.95%.
- This week, Large Cap Real Estate $XLRE was the winner, closing with a 1.25% gain.
- The biggest loser was Small Cap Energy $PSCE, with a weekly loss of -7.78%.
- Only 4% of our Sector list made fresh 4-week highs.
- Meanwhile, 68% of our list made fresh 4-week lows, 26% made new 13-week lows, and 19% made new 52-week lows.
- There was a 17% drop in the percentage of assets on our list within 5% of their 52-week highs – currently at 17%.
- Only 62% of our sector universe closed lower than their prior week's low.
- 68% of our list is in a bearish momentum regime (no change from last week).
- The median asset in our macro universe is 9.7% below its 52-week highs (8.7% last week).
- Equal Weight S&P 500 $RSP, Equal Weight Technology $RYT, Equal Weight Financials $RYF, Equal Weight Energy $RYE, Equal Weight Materials $RTM, Equal Weight Utilities $RYU, Large Cap Consumer Discretionary $XLY, Large Cap Utilities $XLU, Large Cap Technology $XLK, Large Cap Industrials $XLI, Large Cap Financials $XLF, Large Cap Energy $XLE, Large Cap Materials $XLB, Mid Energy, Mid Materials, Mid Health, Mid Tech, Mid Telco, Small Cap Technology $PSCT and Small Cap Energy PSCE all posted bearish reversal weeks.
US Industry Universe:
- Our Industry universe was negative this week as 93% of ETFs closed lower with a median return of -4.83%.
- This week's biggest winner was Global Jets $JETS which gained 2.71%.
- This week's biggest loser was Uranium $URA, dropping by -12.83%.
- The percentage of our list in bullish momentum regimes had a 28% gain this week and has a current reading of 64%.
- 11% of the assets on our industry list are within 5% of their 52-week highs (a 20% drop from last week).
- The median asset in our industry universe is 18.9% below its 52-week highs (15.9% last week).
- 80% of our industry universe closed lower than last week's low.
- Only 2% of our Industry list made fresh 4-week highs.
- Meanwhile, 82% of our list made fresh 4-week lows, 33% made new 13-week lows, and 24% made new 52-week lows.
- Gaming $BJK, Future Vehicles & Technology $CARZ, Copper Miners $COPX, Natural Gas $FCG, Gold Miners $GDX, Broker-Dealers & Securities Exchanges $IAI, Insurance $IAK, Tech-Multimedia Networking $IGN, Healthcare Providers $IHF, Medical Devices $IHI, Mobile Payments $IPAY, Aerospace & Defense $ITA, Agribusiness $MOO, Oil Services $OIH, Leisure & Entertainment $PEJ, Steel $SLX, Semiconductors $SOXX, Metals & Mining $XME, Oil & Gas Exploration & Production $XOP and Retail $XRT all posted bearish reversal weeks.
That's it for this week's highlights!
