The PRISM Report: A Clearer View of Global Investment Trends
The Prism Report is your streamlined, data-driven guide to uncovering opportunities across global markets and asset classes. Built around Asbury Research’s foundational “three-legged stool” approach of trend, relative performance, and asset flows, this tool offers a concise and comprehensive way to quickly and clearly identify where capital is being rewarded.
PRISM, which stands for Portfolio Review of Investment Sectors and Markets, is published at the end of the week. You can find the PRISM Report right in the middle of the Research Center, listed chronologically with other reports, such as Keys to This Week and The Weekly Wrap-Up. You can pull up all recently published PRISM Reports by typing “PRISM” in the Search By Keyword box located on the right border of the Research Center.
PRISM currently identifies Gold as having a Positive/Bullish reading across all four time periods.
PRISM: 12-17-2025
Key Takeaways
The Prism Report has shifted to a more defensive posture, led by Gold, which is displaying bullish readings across all time frames. Global equities continue to outperform the S&P 500 in three time horizons, and when combined with QQQ’s bearish lean across those same periods, it suggests investors are increasingly seeking to reduce U.S. equity risk.
Emerging Markets and Crypto further reinforce this message, highlighting a broader lack of risk appetite across the market. Notably, however, we have yet to see a sustained trend of bonds outperforming equities—an important condition if a more durable trend change is to develop. This becomes particularly relevant after the S&P 500 failed to make new highs following its test of all-time highs on December 11.
As we move forward, close attention should be paid to the CPM model, which remains in a Risk On posture. This is especially important as the market works through the 6,770 minor underlying support level as highlighted in our recent Weekly Wrap-up.
At the heart of Prism is a simple but critical formula for success: positive price trend, positive relative performance, and positive asset flows. These three factors—trend, performance, and conviction—are the cornerstones of identifying sustainable market leadership.
We’ve expanded this concept across four key time frames:
- Micro (7 days)
- Short (21 days)
- Medium (63 days)
- Long (200 days)
This multi-horizon approach provides investors with a dynamic lens through which to view the market in a multidimensional way. Why does this matter?
- Trend: If the price isn’t appreciating, we’re not interested. Positive price momentum is non-negotiable.
- Relative Performance: If it isn’t beating the S&P 500, there’s an opportunity cost. Investors deserve better than average performance.
- Asset Flows: Capital inflow indicates directional conviction—real money moving with purpose. It’s the ultimate vote of confidence from institutional players with skin in the game.