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 and US Technology as the two asset classes with a Positive/Bullish reading across all four time periods.
Key Observations
US Technology (QQQ)
QQQ is trading roughly 1.6% below its all-time high set on September 22nd, with key support at $583.32. This is an important juncture for US technology stocks as QQQ is also testing its all-time relative high versus the benchmark S&P 500. Asset flows remain strong and continue to expand, indicating tactical conviction in the positive trend.
Gold (GLD)
Gold remains strong across all four time frames, recently reaching another all-time high on Tuesday, September 23rd. Initial underlying support exists near the 21-day moving average at approximately $333.35. On a relative basis, gold is approaching overhead resistance versus SPY, matching the level set on June 13th. Since clearing all relative performance trendlines on August 29th, gold has since outperformed the benchmark S&P 500 by about 5%.
Emerging Markets (EEM) & US Small Cap (IWM)
Both EEM and IWM recently failed to break through key overhead resistance levels, turning their PRISM status yellow on the Micro-term. These failed tests align with sluggish asset flows in both asset ETFs, where growth has slowed to nearly flat. IWM is currently testing support at its 21-day moving average, while EEM has support at the same moving average but is currently more than 2.0% above it.
Takeaways
With US Tech leading, QQQ remaining above its 21-day (monthly) moving average will be critical for the broader market advance. The directional implications of this are corroborated by the Asbury 6, which is currently equally balanced at three green and three red constituents which indicates the broad market is at a near-term inflection point.
GBTC’s recent turn to red on the Micro-term signals a possible softening in risk appetite, corroborated by Micro-turndowns in EEM and IWM. These are early indications, however, and we would need to see this weakness extend into the Short- and Medium-term to confirm that it is more than just noise.
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.