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 shows Gold and Emerging Markets as the two asset classes with a positive/bullish reading across all four time periods.

 

Key Observations

Gold (GLD)

GLD is now up approximately 36% year-to-date. If the year ended today, this would mark the ETF’s strongest annual performance since its inception in 2005. On a relative basis, GLD has outperformed the S&P 500 by roughly 26%, reaching levels not seen since 2007–2008. On Wednesday, September 10th, GLD closed at an all-time high of $335.26. The ETF continues to show strength across all four timeframes, supported by strong asset flows.

Emerging Markets (EEM)

EEM finally broke through its key overhead resistance at 50.85 on Sep 9th, following several prior failed attempts. The next significant resistance level exists at $53.43, the September 2021 benchmark high. The current breakout has fueled relative outperformance, with EEM beating the S&P 500 by about 3% over the past week.

Global Equities ex-US (SPDW)

SPDW is starting to show outperformance on the Micro-Term, with only the Short- and Medium-Term relative trends keeping it from turning green across all four timeframes. Global equities are on the cusp of breaking out higher, with 18 of 41 MSCI countries  — much of it driven by the Asia-Pacific region. SPDW is also making new all-time highs, having recently cleared minor resistance at its prior record of 42.39.

US Technology (QQQ) & Crypto (GBTC)

Both QQQ and GBTC are showing renewed life on the Micro-Term. QQQ is currently negotiating new all-time highs, though it still trails the S&P 500 on the Short- and Medium-Term relative basis. Meanwhile, GBTC is currently about 6% below its all-time high. For either to reclaim leadership, we’ll need to see sustained relative outperformance versus the S&P 500 — which has historically signaled a shift by investors back toward higher-risk assets.

Takeaways

The past week’s slow daily grind to new all-time highs in the S&P 500 continues, but PRISM suggests managers are searching elsewhere for returns. While some speculate the rally may soon run out of steam, our models still point to a risk-on environment.

Traditionally, confidence in the market is led by riskier assets like U.S. Technology or Crypto. Early strength on the Micro-Term could mark the beginning of a stronger leg higher, but until we see Short- and Medium-Term relative outperformance, there’s little evidence of leadership in these assets.

Meanwhile, Gold’s surge suggests investor concern about the health of the economy, while improving performance in Emerging Markets and Global Equities further supports that narrative.

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.