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 identify where capital is being rewarded—quickly and clearly.
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, US Technology, and Emerging Markets as the three asset classes with a Positive/Bullish reading across all four time periods.
Key Observations
US Technology (QQQ)
US Technology remains the clear market leader, with QQQ, currently at 604.31, once again setting new all-time highs. Importantly, this strength is not limited to price as QQQ also set new all-time relative highs versus SPY. Minor underlying support in QQQ is currently 2.7% below the market at $588.50. Sector leadership continues to come from semiconductors and AI, which remain the primary drivers of US Tech’s outperformance within the S&P 500.
Gold (GLD)
GLD opened today (Thursday, October 2nd) at a new all-time high of $358.21. From a relative performance standpoint, GLD is currently testing its Jun 13th relative high versus SPY. Any additional relative outperformance by GLD could trigger even more outright and relative strength in the weeks ahead. From a market relationships standpoint, after briefly decoupling from equities earlier this year, gold has resumed its longer-term trend of tight positive linear correlation with the S&P 500—one that has largely existed over the past ten years.
Emerging Markets (EEM)
Emerging Markets are showing renewed strength. EEM, currently trading at 54.06, has broken through a key resistance level dating back to August 7th, 2021, clearing the way for an additional 6.0% rise to the next resistance level at $57.17. Since August 5th, EEM has outperformed the S&P 500 by 3.71%, with only a brief pause of underperformance on the Micro-Term. This move signals that investors are willing to extend risk-taking outside the US, particularly in areas that had previously lagged.
Crypto (GBTC)
Crypto continues to act as a useful barometer of investor risk appetite. GBTC is currently green in three time periods, with only its Medium-Term relative performance versus SPY still lagging. That relative performance moving average is serving as near-term resistance, but momentum has been strong since the September 25th low. This acceleration suggests that investors believe crypto participation remains part of the broader bull market narrative.
Takeaways
PRISM is currently aligned for risk-taking, with Emerging Markets and US Technology both green across all time frames, while Crypto is only modestly lagging in the Medium-Term. This alignment supports the ongoing bull run, which has found consistent support from the S&P 500’s 21-day moving average since April 23rd.
Our Correction Protection Model (CPM) has remained risk-on since April 25th, while the Asbury 6 is currently Positive with 4 of 6 green constituent metrics — both which indicate a strong Tactical market environment. Gold’s new highs are worth watching, but it’s important to note that over the past decade, gold has maintained a tight positive linear correlation with the S&P 500, challenging the traditional “safe haven” narrative.
Overall, the weight of evidence across our various models points to a healthy market backdrop, with leadership concentrated in US Technology, Emerging Markets, and a strengthening crypto trend. We continue to lean on these data-driven signals to identify and capture relative outperformance relative to the benchmark S&P 500.
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.