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 positive as 74% of our list closed higher with a median return of 2.66%.
- The S&P High Beta $SPHB was the top performer this week, closing with a 6.34% gain.
- The biggest loser was the Volatility Index $VIX, with a weekly loss of -10.52%.
- There was a 3% gain in the percentage of assets on our list within 5% of their 52-week highs – currently at 9%.
- 4% of our macro list made fresh 4-week highs.
- Meanwhile, 21% of our list made fresh 4-week lows.
- The median asset in our macro universe is 15.2% below its 52-week highs (18.4% last week).
- 26% of our macro universe closed higher than their prior week's high.
- Conversely, 11% 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).
- S&P 500 $SPY, Russell 3000 $IWV, Russell 1000 $IWB, Russell 1000 Value $IWD, Russell 1000 Growth $IWF, and Low Volatility $SPLV all posted bullish reversal weeks.
- US 2-Year Note $TU and the Volatility Index $VIX both posted bearish reversal weeks.
International Universe:
- Our International Equities universe was green this week as 83% of our list closed higher with a median return of 2.66%.
- This week, Turkey $TUR was the leader again with a 9.48% gain.
- Pakistan $PAK was the biggest loser this week, dropping by -4.58%.
- 29% of our international universe closed higher than their prior week's high.
- Meanwhile, 11% of our list 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 3%.
- The median asset in our international universe is 23.5% below its 52-week high (25.6% last week).
- 71% of our list is in a bearish momentum regime (no change from last week).
- 10% of our international list made fresh 4-week highs.
- On the other hand, 16% of our list made fresh 4-week lows.
- Ireland $EIRL, New Zealand $ENZL, Italy $EWI, and Singapore $EWS all posted bullish reversal weeks.
US Sector Universe:
- This week, our sector universe was positive, with 100% of our list closed higher with a median return of 3.91%.
- Mid Cap Materials was the biggest winner this week, gaining 6.03%.
- 0% of our sector list made fresh 4-week highs.
- On the other hand, 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 9%.
- 40% 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.
- 23% of our list is in a bearish momentum regime (no change from last week).
- The median asset in our sector universe is 15% below its 52-week highs (17.9% last week).
- Equal Weight Technology $RYT, Equal Weight Consumer Discretionary $RCD, Equal Weight Industrials $RGI, Large Cap Consumer Discretionary $XLY, Large Cap Financials $XLF, Large Cap Communication Services $XLC, Mid Industrials, Mid Cyclical, Mid Health, Mid Finance, and Small Cap Health Care $PSCH.
US Industry Universe:
- Our Industry universe was green this week as 100% closed higher with a median return of 4.66%.
- This week's biggest winner again was Rare Earth/Strategic Metals $REMX, which gained 11.95%.
- 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 2% gain from last week).
- The median asset in our industry universe is 19.6% below its 52-week highs (compared to 25.1% last week).
- 44% 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.
- 2% of our industry list made fresh 4-week highs.
- On the other hand, 0% of our list made fresh 4-week lows.
- Internet $FDN, Biotech $IBB, Expanded Tech-Software $IGV, Mobile Payments $IPAY, Bank $KBE, Regional Banking $KRE, Media $PBS, Solar $TAN, and Biotech $XBI all posted bullish reversal weeks.
That's it for this week's highlights!
