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 mostly red as 77% of our list closed lower with a median return of -0.85%.
- The US 10-Year Yield $TNX was the winner this week, closing with a 7.80% gain.
- The biggest loser was Lumber $LB, with a weekly loss of -10.33%.
- There was a 4% gain in the percentage of assets on our list within 5% of their 52-week highs – currently at 15%.
- 15% of our macro list made fresh 4-week highs.
- Meanwhile, only 6% of our list made fresh 4-week lows.
- The median asset in our macro universe is 12.1% below its 52-week highs (12.2% last week).
- 17% of our macro universe closed higher than their prior week's high.
- On the flip side, only 13% 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 struggled this week as 62% of ETFs closed lower with a median return of -0.61%.
- This week, Colombia $GXG was the leader with a 7.92% gain.
- Philippines $EPHE was the biggest loser, dropping by -4.00%.
- 30% of our international universe closed higher than their prior week's high.
- Meanwhile, only 6% of our list closed lower than their prior week's low.
- There was a 1% drop in the percentage of assets on our list within 5% of their 52-week highs – currently at 5%.
- The median asset in our international universe is 16.7% below its 52-week high (16.1% last week).
- 97% of our list is in a bearish momentum regime (no change from last week).
- 33% of our international list made fresh 4-week highs.
- On the other hand, only 8% of our list made fresh 4-week lows.
- Philippines $EPHE and Japan $EWJ both posted bullish reversal weeks.
US Sector Universe:
- This week, our sector universe was negative as 85% of our list closed lower with a median return of -0.96%.
- The biggest winner was Small Cap Energy $PSCE, with a weekly gain of 2.52%.
- Equal Weight Health Care $RYH was the biggest loser, dropping by -3.20%.
- 15% of our sector list made fresh 4-week highs.
- Meanwhile, 0% of our list made fresh 4-week lows.
- There was no change in the percentage of assets on our list within 5% of their 52-week highs – currently at 21%.
- 15% of our sector universe closed higher than their prior week's high.
- On the flip side, 0% of our list closed lower than their prior week's low.
- 74% of our list is in a bearish momentum regime (no change from last week).
- The median asset in our macro universe is 13.3% below its 52-week highs (12.7% last week).
US Industry Universe:
- Our Industry universe was under pressure this week as 64% of ETFs closed lower with a median return of -0.54%.
- This week's biggest winner was Solar $TAN, which gained 3.32%.
- The biggest loser was Global Jets $JETS, dropping by -4.76%.
- The percentage of our list in bearish momentum regimes did not change this week as the reading remains 80%.
- Only 11% of the ETFs 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 21.3% below its 52-week highs (compared to 20.2% last week).
- 31% of our industry universe closed higher than their prior week's high.
- Meanwhile, 0% of our list closed lower than their prior week's low.
- 29% of our industry list made fresh 4-week highs.
- 2% of our list made fresh 4-week lows.
That's it for this week's highlights!
