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 negative, as 74% of our list closed lower with a median return of -1.48%.
- The Volatility Index $VIX was this week's winner, closing with a 24.08% gain.
- The biggest loser was the Nasdaq 100 $QQQ, with a weekly loss of -4.78%.
- There was a 5% drop in the percentage of assets on our list within 5% of their 52-week highs – currently at 6%.
- 11% of our macro list made fresh 4-week highs.
- Meanwhile, 57% of our list made fresh 4-week lows.
- The median asset in our macro universe is 15.5% below its 52-week highs (12.6% last week).
- Only 13% of our macro universe closed higher than their prior week's high.
- Conversely, 66% of our list closed lower than their prior week's low.
- 53% of our list is in a bearish momentum regime (no change from last week).
International Universe:
- Our International Equities universe was red this week as 83% of our list closed lower with a median return of -1.75%.
- Chile $ECH was the leader this week, standing out with an 8.52% gain.
- Poland $EPOL was the biggest loser this week, dropping by -6.06% and closing at its lowest level since early 2020.
- Only 3% of our international universe closed higher than their prior week's high.
- Meanwhile, 75% of our list closed lower than their prior week's low.
- There was no change in the percentage of assets on our list within 5% of their 52-week highs, which remains at 0%.
- The median asset in our international universe is 23.0% below its 52-week high (21.3% last week).
- 71% 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, 56% of our list made fresh 4-week lows.
- China $FXI posted a bullish reversal week.
- Vietnam $VNM posted a bearish reversal week.
US Sector Universe:
- This week, our sector universe was negative, with 89% of indexes closing lower for a median return of -3.55%.
- Small Cap Energy $PSCE was the leader with a 4.35% gain.
- Large Cap Technology $XLK was the biggest loser this week, dropping by -5.56%.
- 9% of our sector list made fresh 4-week highs.
- On the other hand, 60% of our list made fresh 4-week lows.
- There was a 2% drop in the percentage of assets on our list within 5% of their 52-week highs – currently at 15%.
- 9% of our sector universe closed higher than their prior week's high.
- On the flip side, 85% of our list closed lower than their prior week's low.
- 21% of our list is in a bearish momentum regime (a 2% drop from last week).
- The median asset in our macro universe is 14.5% below its 52-week highs (12.6% last week).
US Industry Universe:
- Our Industry universe was red this week as 71% of ETFs closed lower with a median return of -2.56%.
- This week's biggest winner again was Uranium $URA, which gained 10.95%.
- Retail $XRT was the biggest loser this week, dropping by -5.57%.
- 40% of our list is in a bearish momentum regime (no change from last week).
- 4% of the assets on our industry list are within 5% of their 52-week highs (a 5% drop from last week).
- The median asset in our industry universe is 19.8% below its 52-week highs (compared to 21.5% last week).
- 13% of our industry universe closed higher than their prior week's high.
- Meanwhile, 67% of our list closed lower than their prior week's low.
- 13% of our industry list made fresh 4-week highs.
- On the other hand, 38% of our list made fresh 4-week lows.
- Copper Miners $COPX & Uranium $URA both posted a bullish reversal week.
That's it for this week's highlights!
