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 struggled this week as 77% of our list closed lower with a median return of -1.60%.
- Lumer $LB was the big winner this week, booking a 7.95% gain.
- The biggest loser was the US 10-Year Yield $TNX, which fell about 24 basis points on the week.
- There was a 2% improvement in the percentage of assets on our list within 5% of their 52-week highs – currently at 4%.
- 9% of our macro list made fresh 4-week highs.
- Meanwhile, 26% of our list made fresh 4-week lows.
- The median asset in our macro universe is 19.7% below its 52-week highs (19.0% last week).
- 19% of our macro universe closed higher than their prior week's high, and 21% closed lower than their prior week's low.
- 83% of our list is in a bearish momentum regime (a 2% increase from last week).
- US Dollar Index $DXY posted a bullish reversal week, and the Euro/US Dollar $EURUSD mirrored the move with a bearish reversal.
International Universe:
- Our International Equities universe was negative this week as 83% of our list closed lower with a median return of -1.66%.
- This week, Hong Kong $EWH was the leader with a 3.17% gain.
- Colombia $GXG was the biggest loser again this week, dropping by -7.68%.
- Only 6% of our international universe closed higher than their prior week's high.
- Meanwhile, 17% of our list closed lower than their prior week's low.
- There was a 30% increase in the percentage of assets on our list within 5% of their 52-week lows – currently at 78%.
- The median asset in our international universe is 25% below its 52-week high (23.2% last week).
- 98% of our list is in a bearish momentum regime (no change from last week).
- Only 5% of our international list made fresh 4-week highs.
- On the other hand, 38% of our list made fresh 4-week lows, 37% made fresh 13-week lows, and 30% made fresh 52-week lows.
- Argentina $ARGT & Germany $EWG both posted bearish reversal weeks.
US Sector Universe:
- Our sector universe was negative this week as 68% of our list closed lower with a median return of -0.81%.
- Large Cap Utilities $XLU were the leaders with a 4.12% gain.
- Equal Weight Technology $RYT was the biggest loser, dropping by -5.26%.
- Only 6% of our sector list made fresh 4-week highs.
- At the same time, only 6% of our list made fresh 4-week lows.
- 26% 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.
- 94% of our list is in a bearish momentum regime (a 3% increase from last week).
- The median index in our sector universe is 20.9% below its 52-week highs (20.6% last week).
US Industry Universe:
- Our Industry universe was red this week as 67% closed lower with a median return of -1.36%.
- This week's biggest winner was Home Construction $ITB, which gained 2.45%.
- This week's biggest loser was Semiconductors $SOXX, dropping by -9.56%.
- 84% of our list is in a bearish momentum regime (no change from last week).
- 0% of the assets on our industry list are within 5% of their 52-week highs (no change from last week).
- The median ETF in our industry universe is 28.8% below its 52-week highs (compared to 28.4% last week).
- 22% of our industry universe closed higher than their prior week's high.
- Meanwhile, only 13% of our list closed lower than their prior week's low.
- Only 7% of our industry list made fresh 4-week highs.
- On the other hand, 29% of our list made fresh 4-week lows and 27% made fresh 13-week lows.
- Global Wind Energy $FAN & Community Banks $QABA posted bullish reversal weeks.
- Future Vehicles & Tech $CARZ, Lithium & Battery Tech $LIT, Semiconductors $SOXX & Retail $XRT all posted bearish reversal weeks.
That's it for this week's highlights!
