Editor’s Note: On April 17th, we first introduced the PRISM Report to Asbury Research Subscribers.  PRISM is an acronym for Portfolio Review of Investment Sectors and Markets.  The PRISM Report is currently published at the end of the week.  Your can find the PRISM Report right down the middle of the Research Center, listed chronologically with other reports like Keys To This Week.  You can pull up all recently published PRISM Reports by typing “PRISM” in the Search By Keyword box located in the right border of the Research Center.

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, this tool offers a concise and comprehensive way to identify where capital is being rewarded—quickly and clearly.

 

Asset class with a bullish reading across all four monitored time frames is Crypto.

Key Observations

  • Grayscale Bitcoin Trust (GBTC): GBTC remains fully green across all categories, having just broken its all-time high of $86.11. While Bitcoin is only slightly ahead of the S&P 500 on the 7- and 21-day relative performance metrics, two prior rejections at this level suggest that continued outperformance is needed to fuel the next leg higher.

  • US Small Cap (IWM): IWM has surged past its 200-day moving average and is now approaching its next key resistance level at $230.70. Small Caps are green across all timeframes except long-term relative performance. It’s worth noting that Small Caps haven’t outperformed on a long-term basis since Q4 2024.

  • US Technology (QQQ): Technology continues to post new price highs, although it has slightly underperformed the S&P 500 on a micro-term relative basis. Backed by continued positive economic sentiment, Tech has been in a strong uptrend since April 7th.

  • Emerging Markets (EEM): EEM is reaching price levels not seen since February 2022. However, the yellow signals across the micro, short-, and medium-term indicate that it’s lagging the S&P 500 on a relative basis. Like Tech, EEM has been in a steady uptrend since April 7th, with key resistance still at $47.44.

Takeaway

PRISM continues to skew toward risk-taking areas of the market, with Bitcoin as the only category showing green across all columns. Positive economic reports have helped push the S&P 500 higher—highlighted by the fact that it is beginning to outpace both Emerging Markets and Technology on a relative basis. The emergence of Small Caps with green signals across three timeframes suggests strength is broadening out across the market—not just concentrated in large-cap names.

About PRISM

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 gives investors a dynamic lens through which to view the market in a multi-dimensional 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.