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 context of the big picture 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:
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- Our Macro universe performance was positive this week, as 74% of our list closed higher, with a median return of 0.52%.
- The biggest winner of the week was Dow Transports $DJT, which gained 2.93%.
- Meanwhile, the worst performer of the week was Lumber $LB, which fell by a massive -10.22%.
- Once again, several US Large-Cap indices finished the week at all-time highs.
- Momentum remains constructive from a structural perspective, as 57% of our list is still in a bullish regime.
- 66% of the assets on our Macro list are within 5% of their 52-week highs.
- 45% of the assets on this list posted new 4-week highs, and 23% made fresh 52-week highs on the week as breadth continues to expand.
- 34% of the assets closed the week above last week’s high.
- International equities’ performance was positive across the board again this week, as 87% of our list closed higher with a median return of 1.28%.
- The biggest winner of the week was Colombia $GXG, which gained 5.57%.
- South Korea $EWY was the biggest loser, dropping -4.47%.
- 56% of the assets on our international list are within 5% of their 52-week highs.
- This metric continues to improve, evidencing broadening global participation.
- 55% of the assets on this list closed the week higher than last week’s high.
- Poland $EPOL, Colombia $GXG, Norway $NORW, and Turkey $TUR all posted bullish reversal weeks.
- Momentum remains constructive from a structural perspective, as 65% of the ETFs on our list are still in bullish regimes.
- 69% of the assets on this list posted new 4-week highs. The internal strength since July’s lows has been impressive. Here’s a look:
US Sector Universe:
- Our US sector universe saw strength from the bulls again this week, as 60% of our list closed higher, with a median return of 0.45%.
- The biggest winner of the week was Mid-Cap Materials, which gained 4.60%.
- Small-Cap Energy $PSCE was the biggest loser this week, dropping -3.51%.
- Once again, many of the Large-Cap sectors finished the week at all-time highs.
- Momentum remains positive from a structural perspective, as 74% of the assets on our list are in bullish regimes.
- 53% of our list made new 4-week highs, while 21% made fresh 52-week highs on the week.
- Leadership continues to be with the Large-Cap sectors, but we are seeing more and more pockets of strength from SMIDs.
US Industry Universe:
- Our Industry universe performance was mixed this week, as only 46% of our list closed higher, with a negative median return of -0.20%.
- The biggest winner of the week was Metals & Mining $XME, which gained 5.40%.
- This week’s biggest laggard was Solar $TAN, with a loss of -3.97%.
- Home Construction $ITB and Steel $SLX both posted bullish reversals.
- The percentage of our list in bullish momentum regimes saw little change this week, with a current reading of 63%.
- We saw an uptick in ETFs within 5% of their 52-week highs though, as this reading now sits at 50%.
- 35% of our list made new 4-week highs, and 20% made new 4-week lows, as internals continue to be a mixed bag in our industry universe.
That’s it for this week’s highlights!
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